Transactions in the California-Quebec market were collectively worth about USD 67 billion in 2025, down 20% from 2024. Allowance prices reached multi-year lows in 2025 as regulatory delays and US federal opposition to state climate change mitigation policies caused uncertainty: the benchmark contract averaged USD 29.87/t over the year, 21% lower than in 2024. We expect CCA prices to break their bearish streak in 2026 as regulators clarify the program’s reform process.
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