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CAMBRIDGE, Mass. – April 14, 2009 – Speaking yesterday at a clean energy conference at MIT, Congressman Ed Markey said the region’s ongoing effort to cap carbon dioxide emissions by auctioning off pollution permits could be a national model.

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Tags: America carbon, National carbon cap, Regional Greenhouse Gas Initiative

The Environmental Board of New York on Monday approved the regulations to bring into force the Regional Greenhouse Gas Initiative (RGGI), 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.”

Tags: Auction Platform, Cap-and-Trade, Carbon Market, Carbon Trading, New York cap-and-trade, Power Plants, Regional Greenhouse Gas Initiative, RGGI