Northeast States Hold Latest Carbon Auction
As part of an effort to limit greenhouse gas emissions and reduce America’s dependence on fossil fuels, a coalition of 10 Northeast states has held its latest carbon auction and raised $117.2 million in proceeds.
The Regional Greenhouse Gas Initiative (RGGI) is the country’s first mandatory, market-based effort to reduce greenhouse gas emissions. Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, and Vermont signed on and will cap carbon emissions from the power sector with a phased approach.
States will sell carbon emission allowances via auctions and invest the proceeds in consumer benefits. Funds will benefit energy efficiency, renewable energy, and other clean energy technologies. RGGI will help jumpstart our clean energy economy and create green collar jobs in each signatory state.
Emissions from the RGGI states totaled 171 million tons in 2007, implying a surplus of permits covering more than 16 million tons.