Green Innovations

Developing renewable and clean technology companies in New York

Tuesday, October 6, 2009

RGGI Carbon Market marks first anniversary; latest auction yields $27.4 million for NYS

New York State's share from last month’s participation in the most recent sale of carbon dioxide (CO2) pollution allowances will help fund advancements in renewable and clean technologies.  The auction was the fifth held by the 10 states participating in the Regional Greenhouse Gas Initiative (RGGI), and this event generated a total of more than $66.3 million to invest in the clean energy economy. New York's share in this auction was about $27.4 million.  For the full story:

Since September 2008, more than 100 bidders -- including electric utilities, manufacturers, financial institutions, environmental groups, and individuals -- have participated in the RGGI auctions for CO2 allowances. Trading volumes on national, regulated exchanges now match volumes in other established carbon markets, such as the Kyoto Clean Development Mechanism.  Overall, the 10 RGGI states have now auctioned more than 140 million allowances and raised a total of $432.8 million since the first RGGI auction in September 2008. New York's share is approximately $155.3 million.

The proceeds will go to energy efficiency, clean and renewable energy technologies, and strategies to reduce greenhouse gases and create green jobs.  New York has developed a plan to use RGGI proceeds to fund energy efficiency and renewable energy programs.  Other components of the State's plan include a "45 x 15" energy policy and the Renewable Portfolio Standard, which give incentives to develop large-scale renewable generating sources (such as wind, hydro-electric and biomass) and to improve energy efficiency in residential, commercial and industrial sectors.

About the 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 the first market-based, mandatory cap-and-trade program in the U.S. to reduce greenhouse gas emissions. For more information about RGGI: