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First Auction Today for RGGI Cap-and-Trade
Posted on September 25, 2008
The Regional Greenhouse Gas Initiative (RGGI) is an agreement among 10 Northeastern and Mid-Atlantic states to reduce global warming pollution from power plants by means of a cap-and-trade system. In cap-and-trade, global warming pollution is limited to an agreed-upon cap that declines over time. The governing authority issues permits - also called allowances - corresponding to the cap, with one allowance equal to a ton of CO2 or its equivalent in greenhouse gases. Companies must have allowances for any global warming pollution they emit.The RGGI auction of allowances is today, and was ope...
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