Northeast Greenhouse Gas Cap Reduced
The Regional Greenhouse Gas Initiative (RGGI) said that the 2014 RGGI cap is 91 million tons, a 45 percent reduction to the RGGI CO2 cap. RGGI is a compact among nine northeastern states to reduce CO2 emissions. Funds are used to promote renewable energy generation and energy efficiency programs.
The RGGI cap will decline 2.5 percent each year from 2015 to 2020, so by 2020, power plant CO2 pollution in the nine RGGI states is projected to be half of 2005 levels.
The first CO2 allowance auction under the new cap, and the twenty-third RGGI auction overall, will take place on March 5, 2014.
In conjunction with the release of the Auction Notice, the RGGI states are announcing the first of the interim adjustments to the RGGI cap. This adjustment will help account for the private bank of allowances held by market participants before the new cap was implemented.
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