Last Thursday, Sept. 25th, marked a milestone: the first U.S. auction of greenhouse emission pollution permits.
A coalition of ten Northeast states, called the Regional Greenhouse Gas Initiative, conducted the auction, in which power companies and other interests compete for the right to pollute. The system is intended to halt the growth of greenhouse gas emissions, and then gradually reduce emissions emanating from the region after 2014.
Thursday's emissions price ended up at $3.07 a ton, not too much above the minimum bid of $1.86, and well below Europe's current rate of about $37 a ton. The low prices are likely to rise in future auctions, as emissions caps are lowered.
The states plan to invest much of the $38.5 million raised by the auction in renewable energy technology.
Coalitions in other areas of the country, including the West and Midwest, already have plans for similar auctions under development.
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