They crossed the $20/t mark in June, the $30/t mark in October, and hit a high of $35/t on 15 November.
Oregon recently adopted its own version of a cap-and-trade program, a development that could prompt more carbon offset developers to enter the space.
Each CCI – equal to a reduction of 1t of CO2 equivalent – will be priced at $107/credit starting in 2023, rising by $1/yr.
Entities can use CCIs to cover up to 10pc of their emissions obligations during the first compliance period, which will run from 2022-24.
Washington’s program will cover industrial facilities, power plants, natural gas suppliers and other fuel suppliers that emit more than 25,000t of greenhouse gases a year, with a starting cap of 66mn t in 2023.
Argus Media Limited published this content on 27 December 2021 and is solely responsible for the information contained therein.