The first RGGI carbon credit auction under the new 2014 cap sold allowances at $4 each, the highest since RGGI began its cap-and-trade program in 2008. On March 7, 2014, Regional Greenhouse Gas Initiative (RGGI) member states announced results of their 23rd carbon credit auction held on March 5. The auction was the first to… Keep reading →
Massachusetts has finalized RGGI regulation amendments to implement a new emissions cap of 91 million tons per year, starting in 2014. On December 9, 2013, the Massachusetts Department of Environmental Protection (DEP) issued final amendments to the Regional Greenhouse Gas Initiative (RGGI) regulations of the Commonwealth of Massachusetts. Pursuant to the RGGI Updated Model Rule… Keep reading →
Even the Tea Party is pushing back on the conservative political group’s claims. A curious thing happened in Georgia this month. As the state’s public service commission was considering a proposal for 525 megawatts of solar PV — a program fiercely opposed by Georgia Power — an unlikely alliance formed to support more solar. The… Keep reading →
New York Governor Andrew M. Cuomo, in his State of the State address, proposed a tougher carbon cap for states covered under the Regional Greenhouse Gas Initiative (RGGI) cap-and-trade program. The proposal underscores RGGI’s opportunity for achieving even greater emissions reductions in future years, as its current carbon cap remains significantly higher than actual emissions produced in the nine member states.
Laying out an energy- and climate-intensive policy agenda for New York, in his address on January 9, 2013, Governor Cuomo proposed a tougher RGGI carbon cap as part of efforts to address climate change and clean energy development in the state. RGGI, the nation’s first carbon cap-and-trade program, has helped reduce CO2 emissions levels by 30% across member states since inception in 2008. However, RGGI’s current carbon cap of 165 million tons of CO2 per year is now much higher than actual emissions produced in member states – only 91 million tons (expected total) in 2012. With a cap this high, RGGI states may have emitted 45% more carbon last year and still met program compliance. Keep reading →
London-based Barclays determined the US carbon market, currently comprised of a handful of states, is too small to justify the expense of a dedicated trading desk in New York, according to sources familiar with the decision. Barclays was a major player in US greenhouse-gas trading programs on the East and West coasts and remains active in Europe’s carbon market, the largest in the world. Seth Martin, a Barclays spokesman, declined to comment. Keep reading →