RGGI is Launched. By Karen Matthews, AP, September 25, 2008. "Greenhouse gases went on sale Thursday as 10 Northeastern states held the nation's first auction of pollution credits aimed at curbing global warming. 'It is time really to turn the tide on global warming,' said New York Gov. David Paterson, who opened the auction by ringing the ceremonial bell at the New York Mercantile Exchange. 'And we hope that we've done this today.' The program puts a price on carbon dioxide pollution, giving power plants a financial incentive to cut emissions. Auction proceeds will go toward energy conservation and renewable energy programs in each of the 10 participating states: New York, Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, Rhode Island and Vermont. The program aims to hold carbon dioxide emissions steady through 2014 and then gradually reduce them; it is widely viewed as a model for future programs nationally and around the globe... The Northeast effort, called the Regional Greenhouse Gas Initiative (RGGI), limits the total amount of carbon that power plants in the 10 states can pump out of their smokestacks at the current level -- 188 million tons... The initiative covers more than 200 fossil fuel power plants."
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