In its first quarterly auction of 2022, emissions credits in the joint California-Quebec allowance auction sold for $29.15 per metric ton of carbon dioxide equivalent, or nearly $10 per metric ton more than the minimum price for allowances. Emissions credits sold in this market can be used to comply with California’s cap-and-trade program, which covers nearly all sources of emissions within the state, including electric utilities, industrial facilities, and distributors of natural gas and gasoline.