California launches economy-wide carbon market

Source: Reuters: “California carbon market launches, permits priced below expectations”

November 2012: After six years of development (and legal challenges), California launched its carbon market with the first-ever carbon permit auction. The permit price settled at $10.09 per ton of carbon emissions, raising almost $300 million in government revenues. The program is part of a broader state policy (AB 32) with the goal of reducing California’s carbon emissions to 1990 levels by 2020; and will serve as a model of carbon pricing for the rest of the nation.