Greenhouse Gas Auction Takes Over $38mil
Published September 30th, 2008
The first U.S. greenhouse gas auction raised over $38 million which will be spent by Northeast states on renewable technologies.
Under the Regional Greenhouse Gas Initiative, or RGGI, all fossil fuel-burning power plants in a 10-state region are required to buy credits to cover the carbon they emit. The results of the first of a series of auctions were released Monday.
The 10-state RGGI consortium includes Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont.
The 233 power plants that are subject to the regulation must buy one “allowance” for each ton of carbon dioxide they emit. The carbon dioxide cap for the 10 states is currently set at 188 million tons per year.
