The Regional Greenhouse Gas Initiative, Inc, based in New York City, has ten member states and recently held an auction of carbon dioxide emissions allowances. The ten Northeastern states that participate in the RGGI are Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont.
There were 31,505,898 allowances sold; each allowance was sold for $3.38 ea for a total of more than $106 million dollars raised during the December 17 auction. Each state will use the proceeds to fund clean energy projects in their states.
“Once again the results prove that distributing allowances via auctions in a carbon dioxide cap and trade program can be successful. We look forward to developing a partnership with the Obama Administration to create a strong federal climate action plan.” Source: RGGI
The first CO2 allowance auction was held on September 25, 2008 and the six states that participated rose over $38 million. Details on the third auction will be released on January 6, 2009.