About 31.5 million tons of carbon is on the block today as Connecticut and nine more Northeastern states hold their second auction of pollution credits aimed at curbing global warming.
The Regional Greenhouse Gas Initiative requires power plants to pay for every ton of carbon dioxide they produce, providing financial incentive to cut emissions. The total amount for sale will gradually be reduced through 2014.
The clearing price from today’s auction will be announced on Friday.
The program is seen as a model for “cap and trade” greenhouse gas reduction programs nationally.
The other RGGI states are Massachusetts, New York, Delaware, Maine, Maryland, New Hampshire, New Jersey, Rhode Island and Vermont.
The first auction, on Sept. 25, sold 12.5 million tons of carbon and netted nearly $40 million for renewable and energy efficient technologies. (AP)
