Tuesday, September 30, 2008

First U.S. Carbon Auction Raises $39 Million

Reuters reports that the Regional Greenhouse Gas Initiative held it's first carbon auction Monday, raising nearly $39 million. The auction sold permits at $3.07 per ton for powerplants for greenhouse gas emissions. Over 12.5 million permits were sold to those in the energy, financial and environment sectors. The money will be shared by Connecticut, Maine, Maryland, Massachusetts, Rhode Island and Vermont to invest in energy efficiency and renewable energy technologies. The remaining state signatories did not finalize rules in time to participate. Another auction will be held in December and quarterly therafter.

In the absence of federal regulation, the Regional Greenhouse Gas Initiative (RGGI) is a state-led initiative to regulate carbon emissions. The RGGI consists of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, and Vermont.

Similarly, the Western Climate Initiative is a state- and province-led initiative involving Arizona, British Columbia, California, Manitoba, Montana, New Mexico, Ontario, Oregon, Quebec, Utah, and Washington.

The Midwestern Greenhouse Gas Accord is a regional agreement between Minnesota, Wisconsin, Illinois, Iowa, Michigan, Kansas, and the Canadian Province of Manitoba to reduce greenhouse gas emissions and to develop a cap-and-trade system.

For more information on regional initiatives, the EPA is offering a webinar on October 23, Green Power Markets and Regional Greenhouse Gas Initiatives (RGGI).
Photo by Michael Smith/Newsmakers.

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