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RGGI goes live with world's largest carbon auction

Posted on September 30, 2008

by Adam Stein The Regional Greenhouse Gas Initiative, the first legally binding cap-and-trade system in the U.S. (and, in fact, in the entire hemisphere), kicked off last week with the world's largest carbon credit auction. Despite dire predictions from some quarters, the auction came off smoothly, reaching a clearing price of $3.07 per ton of carbon dioxide.The media has been writing RGGI's obituary for weeks now. The New York Times recently explained that RGGI is in danger because the carbon price is too low, undermining a concept that is being watched carefully by the rest of the countr...

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carbon , carbon dioxide , energy efficiency , england , europe , greenhouse gas , journal , kyoto