Ontario's third cap-an-trade auction sells; brings in $526M

Ontario's third cap-and-trade auction has sold out of all allowances.

The September auction follows two similarly successful efforts in March and June, all of which are aimed at lowering greenhouse gas emissions in the province.

The government puts caps on the amount of pollution companies in certain industries can emit, and if they exceed those limits they must buy allowances at auction or from other companies that come in under their limits.

The first auction in March brought in $472 million and the June results show the second auction brought in about $504 million.

The government says the most recent auction brought in just shy of $526 million, bringing the total for the program to roughly $1.5 billion.

Revenues are being put toward green projects including retrofitting homes and putting fuel-efficient school buses on the road.