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The of the regulations to bring into force the Regional Greenhouse Gas Initiative , which was started in 2005 by ten states in the Northeast and Mid-Atlantic to institute emission-reducing regulations for power plants.
The member states have developed the country’s first market-based, mandatory cap-and-trade scheme to reduce the amount of greenhouse gases they generate by placing a cap on the emissions of power plants. Under the RGGI, power plants will need to procure carbon permits through auctions or the secondary market.
Though New York will be able to sell carbon permits at the auction scheduled for December 2008, New York based buyers may purchase permits being sold by other states at an auction to be held in September. RGGI will invest the funds collected in clean and green technologies. The chairman of the Environmental Board, Pete Grannis said:
“With the approval of the RGGI regulations today, we have enacted a key component of Governor David A. Paterson’s plan to move New York towards a clean energy economy and ensure a healthier environment for our entire region.”