California Cap-and-Trade Legislative Analysis 2017 Auctions Have Generated $4.4 Billion in State Revenue. ARB has conducted 17 quarterly cap-andtrade auctions since November 2012—generating roughly $4.4 billion in state revenue. Beginning January 1, 2015, transportation and natural gas fuel suppliers were required to obtain allowances for the GHG emissions associated with the combustion of their fuels. Since transportation fuel suppliers are not given free allowances, the number of stateauctioned allowances increased substantially in 2015—resulting in auctions raising significantly higher amounts of state revenue.

https://lao.ca.gov/reports/2017/3553/cap-and-trade-021317.pd...