IETA Congratulates California on its Inaugural Carbon Allowance Auction

FOR IMMEDIATE RELEASE

SAN FRANCISCO (November 19) - Today, the International Emissions Trading Association (IETA) extended its congratulations to the California Air Resources Board (ARB) for the success of its inaugural carbon allowance auction on Wednesday 14 November 2012.

“Last week’s auction was an important step in the preparation of California’s cap-and-trade compliance market set to begin 1 January 2013,” stated Dirk Forrister, IETA’s President and CEO. “The system worked – and it passed a critical milestone in carbon market formation.”

“The state of California should be celebrated for taking a leadership role in addressing climate change,” Forrister said. “By choosing to enact a flexible, market-based policy tool that can reduce emissions cost-effectively, California is blazing a trail that other states may follow in the future.”

“Internationally, emissions trading is increasingly becoming the policy tool of choice for governments interested in reducing emissions at the least cost to their economies,” Forrister went on to point out. “A growing number of countries around the globe are in the process of implementing similar emissions trading programs – from the EU, to Australia, New Zealand, South Korea, Mexico, Chile and seven Chinese provinces and cities. These jurisdictions show that California is not acting alone.”

IETA looks forward to continued work with ARB officials and program stakeholders towards the 1 January 2013 compliance program launch date and beyond.

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Contact – Katie Sullivan (Sullivan@ieta.org) +1.416.500.4335

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