Emission allowances in the Regional Greenhouse Gas Initiative, a cap-and-trade program covering power plants in the Northeast, closed at a record-high $13 per ton at auction last week. In California, current allowances at an auction last month reached $28.60 per ton, up from $17 a ton at the end of 2019. European emissions allowances, which traded for less than $10 a ton as recently as 2017, are now flirting with $90 per ton.