California Puts a Price on Carbon Emissions
Posted at noon on Nov. 21, 2012
“A free-market auction has established a price for pollution in California: for each metric ton of carbon dioxide emitted, businesses, utilities and industries that bought allowances last week will pay just $10.09,” reports the New York Times.
“The number of bids exceeded the total allowances by about 3 to 1. Polluters do not have to submit the allowances to cover their emissions until November 2014… But some analysts had expected a higher final price — at least between $11 and $12, not a bare nine cents above the $10 floor.”
“Most of the nearly $300 million in auction proceeds is likely go back to investor-owned utilities in the state…to be directed back to their customers.”