High volume, low prices mark California’s first carbon allowance auction
California’s first carbon allowance auction on 14 November 2012 featured plenty of demand but a lower-than-expected closing price, based on results released on Monday by the California Air Resources Board (CARB). California’s cap-and-trade program requires that certain regulated entities must acquire a carbon allowance for each metric ton of greenhouse gas they emit in the state beginning in 2013.1 CARB put up for auction 10% of the allowances issued for the first (2013-14) and second (2015-17) compliance periods at a minimum price of $10 per allowance. Approximately 75 entities submitted bids.
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The FTC announced a potentially groundbreaking settlement with the social networking app Path and released an important new staff report on Mobile Privacy Disclosures late last week.
Since 2009, approximately 10 issuances of convertible bonds have been made by Hong Kong-listed companies.