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Prices in California's carbon market yesterday jumped following the release of results from the state's first cap-and-trade auction – despite a lower than expected settlement price of $10.09, mere cents above the $10 reserve price.

California emissions prices have traded down ahead of the first official auction in November.

California carbon market participants expect the vintage 2015 allowances offered in the first auction in November to clear near the $10 floor price.

California carbon traders are eagerly anticipating the first official allowance auction in November, following the success of last week's pilot auction.

Potential offset project investments are being stifled by the slow pace at which the California Air Resources Board is approving additional offset protocols, stakeholders have warned.

Emitters in California's cap-and-trade system are showing strong interest in compliance-grade carbon offsets where the buyer faces no risk of invalidation, according to Evolution Markets.