ALBANY, N.Y. (AP) — Auction sales of carbon allowances in the nation’s first cap-and-trade program to reduce greenhouse gas emissions have generated $1.8 billion since the program was launched six years ago.
The nine Northeastern and Mid-Atlantic states participating in the Regional Greenhouse Gas Initiative use the revenue to fund energy efficiency, renewable energy, consumer utility bill assistance, and other consumer programs.
The organization says the most recent auction, held last week, netted $87.8 million for the states.
Under the initiative, a cap is set on total carbon emissions allowed from electric power generators, and generators buy allowances for the carbon they emit.
New York’s environmental commissioner, Joe Martens, says the initiative is a national model for reducing carbon pollution and transitioning to cleaner energy sources.
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