RGGI Carbon Auction Moves Ahead

States participating in the Regional Greenhouse Gas Initiative (RGGI), an agreement among the Governors of ten Northeastern and Mid-Atlantic states to reduce greenhouse gases from power plants, have announced that the first ever CO2 allowance auction in the United States for a mandatory emissions reduction program will take place on September 10, 2008.

The states participating in RGGI have agreed to participate in quarterly uniform regional auctions for the allowances that each state will be offering for sale. The second quarterly auction is scheduled to be held on December 17, 2008.
“Climate change is the most significant environmental problem of our generation”, said Pete Grannis, the chair of RGGI, Inc. and commissioner of the New York State Department of Environmental Conservation. “Absent federal leadership, the Northeast and Mid-Atlantic states of RGGI are taking action to cut greenhouse gas emissions and reduce their impact on the environment. Our CO2 auction will be the first in the nation and it is one that should be replicated at the federal level.”

Carbon allowance and trade systems stand to benefit the renewable energy industries. As carbon emissions become a larger expense for traditional energy companies renewables will become more cost effective in the overall energy market.

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