“Results from the Air Resources Board’s May 2020 quarterly auction show that just 35% of the climate pollution allowances made available for purchase were sold, raising less than $25 million for the state’s Greenhouse Gas Reduction Fund,”

“Successful auctions normally bring in between $600 million and $800 million per quarter to support a wide variety of air quality, climate and fire protection programs, but now – in the middle a massive budget crisis – those funds are gone,”

“There’s no serious argument that the pandemic is responsible for the auction shortfall,” Cullenward added. “Faulty market design is the real culprit.”

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