Ninety-six percent of the carbon allowances were bought at auction by companies required to do so in order to meet greenhouse gas reduction targets.
The price of each allowance was $11.48, just 77 cents more than the minimum price allowed.
Emily Reyna with Environmental Defense Fund says that’s not necessarily bad.
“Opponents were saying that cost could be upwards to $70 to $100 or more," says Reyna.
"This low price means that we can actually achieve our emission reductions in a very cost-effective manner and that’s exactly what the cap and trade program is meant to do.”
The auctions have brought in more than $500 million to the state.
Proceeds must be invested in projects that reduce greenhouse gas emissions.
And at least 25 percent is supposed to provide clean energy to disadvantaged communities.
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