The states participating in the Regional Greenhouse Gas Initiative (RGGI) this week announced that the auctioning of carbon dioxide (CO2) emissions allowances in North America is off to a strong start. All of the 12,565,387 allowances offered for sale on September 25, 2008 were sold at a clearing price of US $3.07 per allowance.

"The 10 RGGI states have demonstrated great leadership in coming together to offer this first carbon cap-and-trade system, and the smooth completion of the initial auction is proof that the RGGI is leading the nation in the battle against climate change.” -- Pete Grannis, Chair, RGGI