Vermont Public Radio reports that the results of the three-hour Regional Greenhouse Gas Initiative (RGGI) auction -- the nation's first greenhouse gas auction -- are set for release on Monday, September 29th. "The auction was run by World Energy, an operator of online green exchanges," and "a coalition of 10 northeastern states is hoping the auction will help curb global warming." The auction "bids will be used to determine a clearing price based on supply versus demand. " Notably, "the cap-and-trade program is viewed as a model for a national program. It includes New York, Connecticut, Delaware, Maine, Maryland, Massachusetts, New Jersey, New Hampshire, Rhode Island, and Vermont."
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Update on Thursday, October 2, 2008 at 03:59PM by
VCF Staff
Carbon auction raises $620,000 for Vermont
Vermont Public Radio reports that "An auction designed to harness the free market to reduce greenhouses gases has brought the state $620,000 dollars.The proceeds of the auction will be used to help make homes and businesses more fuel efficient." Notably, "the auction was held last week under the auspices of the
Regional Greenhouse Gas Initiative." The Initiative is "an agreement
among 10 northeast states to cut greenhouses gases by 10 percent by
2018." To comply with this emissions cap, "electric utilities
in the region will have to buy 'allowances' for each ton of carbon
dioxide they produce" and "last week, the first set of these allowances was
auctioned off." Notably, Vermont still has "another 1 million tons of carbon to sell" and the remaining auctions could earn almost $4 million a
year.
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