Last November, California held the first permit auction under its new cap-and-trade program for carbon. The market price for atmospheric carbon emissions was set at $10.09 per metric ton. All 23.1 million tons of carbon allowances available for 2013 were purchased, raising $233 million for the state. Currently, the California Carbon Allowances are trading at about $15.00 per metric ton on the secondary market. The program is part of a broader effort to reduce California’s emissions to 1990 levels by 2020 ̶ about a 15% reduction.
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