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Exxon Mobil Corporation Message Board

  • bluecheese4u bluecheese4u Apr 12, 2013 1:22 AM Flag

    California Carbon Advances After Governor Approves Quebec Link

    By Lynn Doan - Apr 9, 2013 4:56 PM MT

    California carbon futures rose to the highest price in almost three weeks after Governor Jerry Brown approved a proposal to link the state’s greenhouse-gas program with one in Quebec.

    The regulation behind carbon markets in Quebec and California are “similar or identical” enough to be linked, Brown said in a letter posted on his website late yesterday. State law requires the governor’s approval before the state Air Resources Board links carbon systems with any jurisdiction. The board is scheduled to consider regulation April 19 to join systems with Quebec beginning Jan. 1, 2014.

    Futures based on California carbon allowances for 2014 gained for the first time in three days, rising 15 cents to $14.70 a metric ton, the highest since March 21, according to data compiled by Chicago-based CME Group Inc. (CME) Prices have fallen 8.7 percent this year.

    “The announcement could be mildly bullish due to the fundamental upside a linkage would provide,” Thomas Marcello, a Bloomberg New Energy Finance analyst, said in a research note today. “We do not expect speculators to take long-term positions based on the announcement. Instead, price reaction is likely to be both short-lived and limited in scale.”

    The air board’s staff has said a link with Quebec would improve market liquidity for carbon allowances by increasing the pool of both permits and companies trading them. The reduction in greenhouse-gas emissions achieved by combining the two programs would also be larger than cuts through a California- only system, the agency said in a report last year.

    Quebec Link

    The link to Quebec may raise California carbon allowance prices from 2013 to 2020, depending on how many offset credits the Canadian province is able to generate, said Marcello, based in New York. Should Quebec supply less than 23 million tons of


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