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Carbon Goes On Auction Block In Northeast

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Sep 25, 2008 5:46 pm US/Eastern

Carbon Goes On Auction Block In Northeast

BOSTON (AP) ― Ten northeastern states -- including Massachusetts -- today held the nation's first auction of pollution credits aimed at curbing global warming.

The program puts a price on carbon dioxide pollution, giving power plants a financial incentive to cut emissions.

Auction proceeds will go toward energy conservation and renewable energy programs in each of the 10 participating states: New York, Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, Rhode Island and Vermont.

The Regional Greenhouse Gas Initiative limits the total amount of carbon that power plants in the 10 states can pump out of their smokestacks at the current level -- 188 million tons. Electric power generators must pay for allowances covering the amount of carbon they emit.

The goal is to keep carbon dioxide emissions steady through 2014 and then gradually reduce them.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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