A coalition of 10 northeastern states this week will take steps to check global warming when it conducts the nation’s first carbon auction.

The three-hour auction will be conducted online among previously approved bidders. At the end, bids in the system will be used to determine a clearing price based on supply versus demand.

Proceeds of the auctions are to be invested in programs to increase energy efficiency, support non-carbon-generating renewable energy sources such as wind and solar, and develop carbon abatement technologies.

Posted: 09|22|08 at 10:03 am. Filed under: US News.