NEW YORK, Sept. 25 (UPI) -- Connecticut and five other states put carbon dioxide emission allowances up for bid Thursday in an effort to reduce emissions.
The Regional Greenhouse Gas Initiative, which involves 10 New England and Mid-Atlantic states, said the auction was designed to reduce carbon dioxide emissions through a mandatory, market-based cap-and-trade program. The goal of the participating states is to stabilize power sector carbon emissions at their capped level, and then reduce the cap by 10 percent at a rate of 2.5 percent each year between 2015 and 2018, RGGI said Thursday in a release.
"Revenues from the carbon allowance auctions will be invested by the participating states in energy efficiency programs, renewable energy stimulus efforts and other programs to benefit consumers," RGGI said.
The RGGI auction held Thursday offered 12,565,387 allowances, including CO2 allowances issued by Connecticut, Maine, Maryland, Massachusetts, Rhode Island and Vermont. The CO2 allowances purchased at the auction can be used by a regulated facility for compliance in any of the RGGI states.
Delaware, New Hampshire, New Jersey and New York will offer allowances for sale in future auctions. A second auction is scheduled for December, RGGI said.
