California Carbon-Permit Auction Sees $330M Spent

State officials say California’s latest carbon-permit auction has raised nearly $330 million.

The Sacramento Bee reported industrial firms and others bought emissions allowances that can be used this year and in 2017.

At the auction on Monday, the 2014 allowances sold for $11.34 per ton, while the 2017 permits went for $11.38.

It was the sixth state-run carbon auction since California’s cap-and-trade market system began in 2012.

The California Air Resources Board says in total California firms have now spent a combined $1.54 billion for the right to emit greenhouse gases since the program was launched.

The cap-and-trade program places a limit on emissions from individual polluters. Businesses are required to cut emissions to cap levels or buy extra pollution allowances from other companies to make up for their overages.