Environment DEC
From the July 2010 issue
Carbon Auction Yields Nearly $30 Million to Fund Clean Energy and Green Jobs in NY
State Environmental Conservation Commissioner Pete Grannis announced New York's successful participation in another quarterly auction of carbon dioxide (CO2) pollution allowances. This auction, the eighth conducted by the ten states participating in the Regional Greenhouse Gas Initiative (RGGI), generated $80.5 million to invest in a clean energy economy. New York's share of the proceeds is approximately $29.8 million.
RGGI auctions have generated nearly $663 million since the first auction in September of 2008.
In total, 40,685,585 allowances offered by the RGGI states for the current compliance period (2009-2011) sold at a clearing price of $1.88 per allowance in this auction. In a parallel offering, the RGGI states also auctioned allowances for the next three-year compliance period (2012-2014); 2,137,993 of these allowances sold for $1.86 per allowance. New York sold 15,136,022 of the 2009-11 vintage allowances and 756,801 of the 2012-14 vintage. Overall, the RGGI states have raised a total of $662.8 million since the first auction in September 2008. New York's share is approximately $243 million.
States are investing proceeds to improve energy efficiency, accelerate the rollout of renewable energy technology and build a clean energy economy. New York's innovative investments will drive demand for new products and services and help train a new workforce.
Regional Greenhouse Gas Initiative
The 10 northeast and mid-Atlantic states participating in RGGI (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Jersey, New Hampshire, New York, Rhode Island and Vermont) have designed and implemented the first market-based, mandatory cap-and-trade program in the U.S. to reduce greenhouse gas emissions.
Related Links
Regional Greenhouse Gas Initiative (leaving DEC's website)
