As it enters its eleventh year, California’s cap-and-trade program continues to raise revenue to fight the climate crisis

This blog was co-authored by Katelyn Roedner Sutter, California State Director 

Results of the latest Western Climate Initiative auction were released today, and we continue to see strong demand for allowances. This was the first quarterly auction of 2024, and it was a strong start for this marquee climate program.

This auction is expected to generate roughly $1.31 billion for the Greenhouse Gas Reduction Fund, which will invest in projects around the state that electrify transportation, reduce household energy costs, strengthen resilience to natural disasters, and more. This funding comes at a crucial time, as California faces both ongoing impacts from climate change and a challenging budget year.

February auction results

• All 51.2 million current vintage allowances offered for sale were purchased, resulting in the 14th consecutive sold-out auction. This is 11% or 6.4 million fewer…