California's most recent cap-and-trade permit auction raises more than $800 million

California’s cap-and-trade program received another boost Tuesday, with its most recent permit auction reaching record-high sales, according to details released by regulators Tuesday.

The regular auctions are a key feature of the program, which requires companies to buy permits to release greenhouse gases into the atmosphere. Cap and trade is one of the state’s main strategies to combat climate change.

In November’s auction, every permit offered by the state was sold, and prices reached their highest-level in the program’s five-year history.

The auction results released Tuesday were the second straight strong showing since state lawmakers extended the cap-and-trade program through 2030.

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