The 10 states participating in the Regional Greenhouse Gas Initiative (RGGI), a mandatory, market-based program formed to reduce greenhouse gas (GHG) emissions, have announced the results of the second quarterly auction of carbon dioxide (CO2) allowances this year. The auction, which was held this week, yielded approximately $80 million for states to invest in the clean energy economy.
CO2 allowances in the amount of about 40.6 million. for the first three-year control period (2009-2011) offered in Wednesday's auction sold at a price of $1.88 each.
In a parallel offering, the RGGI states also auctioned CO2 allowances for the second three-year control period (2012-2014). Approximately 2 million CO2 allowances for the second control period sold at a price of $1.86 each.
Proceeds from all the RGGI auctions now total more than $662.8 million. States are investing these proceeds in consumer benefit programs that further reduce emissions, save consumers money and create jobs. Overall, states are investing most of the proceeds to improving energy efficiency and accelerating the deployment of renewable energy technologies.
While states maximize near-term energy efficiency opportunities, they are also investing in renewable energy sources for a long-term clean energy future. Across the region, funds are being used to install wind, solar and geothermal energy generation systems in commercial and industrial facilities and to deploy solar energy and hot water systems on homes and businesses.
The next RGGI auction is scheduled for Sept. 8.
SOURCE: Regional Greenhouse Gas Initiative Inc.
