NEW YORK, Sept. 30 (UPI) -- The first regional carbon credit auction in the United States yielded more than $38 million.
The Regional Greenhouse Gas Initiative is made up of 10 states in the Northeastern and the mid-Atlantic United States. The six members participating in the first auction were Connecticut, Maine, Maryland, Massachusetts, Rhode Island and Vermont.
More than 12 million carbon dioxide emissions allowances were auctioned Sept. 25 for $3.07 each to 59 participants from the energy, financial and environmental sectors.
"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," said Pete Grannis, commissioner chairman of RGGI.
The rest of the RGGI members will participate in a second auction scheduled for Dec. 17.
The first auction was held by World Energy Solutions and was overseen by Potomac Economics.
