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A carbon market takes root in California

California’s carbon market remains in its infancy, but the success of the most recent state auction is widely seen as an indication that the a market-based approach to reduce greenhouse gases is here to stay.

When California held its first-ever auction of greenhouse gas emission allowances last fall, allowances sold for $10.09, just pennies above the $10 floor price set by state regulators. Some observers warned that the low price meant the state’s new cap-and-trade program wouldn’t work and was a sign that companies were not participating.

But in the second auction last week, the allowances sold for $13.62 each, higher than many analysts had expected.

By Dana Hull

Full Story: http://www.mercurynews.com/business/ci_22691814/carbon-market-takes-root-california

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