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Wind power to reach 47 gigawatts in 2014 – G.W.E.C.

Wind power to reach 47 gigawatts in 2014 – G.W.E.C.

The wind market is expected to reach installations of at least 47 gigawatts in 2...

Floating tidal current turbines to be installed in Canadian waters

Floating tidal current turbines to be installed in Canadian waters

Siemens business Marine Current Turbines Ltd., Bluewater Energy Services B.V., a...

Smog causes partial car ban in Paris – But is the Diesel Industry to blame?

Smog causes partial car ban in Paris – But is the Diesel Industry to blame?

There’s a choking, Beijingian smog hanging over Parisian skies. Warm, still cond...

Climate change is happening, affecting all areas of the globe – I.P.C.C.

Climate change is happening, affecting all areas of the globe – I.P.C.C.

The effect of climate change is already being felt worldwide, according the Inte...

Hong Kong extends its registration tax exemption for E.V.s

Hong Kong extends its registration tax exemption for E.V.s

Hong Kong has passed a resolution that will extend its first registration tax ex...

Make a green choice by purchasing eco-clothing for your kids

Make a green choice by purchasing eco-clothing for your kids

There are several benefits of organic kid’s clothing. As people are becoming env...

Restoring the beauty of the Chesapeake Bay

Restoring the beauty of the Chesapeake Bay

The Chesapeake Bay is America’s largest estuary, which is a body of water that l...

Business

Smog causes partial car ban in Paris – But is the Diesel Industry to blame?

Smog causes partial car ban in Paris – But is the Diesel Industry to blame?

Monday, 07 April 2014

There’s a choking, Beijingian smog hanging over Parisian skies. Warm, still conditions have caused car fumes and chemicals to collect above the city a...

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Technology

Politics

More time needed for a decision on Keystone XL Pipeline

More time needed for a decision on Keystone XL Pipeline

Wednesday, 23 April 2014

The United States Department of State will be extending its decision-making period on the submission of their views on the proposed Keystone Pipeline ...

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Living Green

Good cooperation between animals and humans can save the environment

Good cooperation between animals and humans can save the environment

Monday, 21 April 2014

Even though humans are regarded as the most intelligent beings of the lot, recent researches show that, without the help of some particular animals, i...

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Renewables

Low-Carbon

Five best green construction companies

Five best green construction companies

Wednesday, 23 April 2014

In this contemporary world, technological advancements and concerns about environmental conservation have given rise to the establishment of many gree...

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Opinion

Restoring the beauty of the Chesapeake Bay

Restoring the beauty of the Chesapeake Bay

Thursday, 27 March 2014

The Chesapeake Bay is America’s largest estuary, which is a body of water that links rivers to the sea and acts as a bridge between freshwater and sal...

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R.G.G.I. carbon auction fetches $42 million; 38% remains unsold

The nine states participating in the Regional Greenhouse Gas Initiative accumulated a total of $41.6 million in proceeds from the program's 15th quarterly auction of carbon dioxide allowances.

More than half, 62 percent, of the 34,843,858 allowances offered for sale were sold for bids from $1.93 to $5.35 per allowance. The proceeds will be used by the participating states for energy efficiency and renewable energy programs.

R.G.G.I. is the first mandatory, market-based carbon dioxide emissions reduction program in the United States, participated in by Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island and Vermont.

The participating states have determined to reduce their power sector carbon dioxide emission by 10 percent by 2018. To do this, they each have an individual Carbon Dioxide Budget Trading Program which limits the emissions of carbon dioxide from fossil fuel-fired power plants with a generation capacity of 25 megawatts or more.

Alongside the caps each state puts on its power plants, they also issue carbon dioxide allowances that the power plants can buy during the quarterly auctions to allow them to meet their emission limits.

The allowances represent 1 short ton of carbon pollution with the total amount of allowances sold not exceeding 188 million tons per year through 2014.

After 2014, the cap will be reduced gradually by 2.5 percent per year over four years to achieve the overall reduction target of 10 percent by 2018.

"R.G.G.I. investments keep $765 million in our states by reducing fossil fuel expenditures. At the same time, we are reducing harmful pollution. This double impact - of enhancing local economies and reducing emissions - is what makes R.G.G.I. so effective," said David Littell, a commissioner of the Maine Public Utilities Commission and vice chair of R.G.G.I., Inc.

While Mr. Littell and the program's supporters claim the program is fulfilling its mandate, a significant portion of the carbon allowances available at the auctions still remain unsold.

For this auction, 38 percent of the allowances generated remained unsold, continuing a trend that started on December 2011 when the 14th quarterly auction sold 27.3 million of the available 43 million allowances, leaving 37 percent unsold.

The next R.G.G.I. auction is scheduled for June 6, 2012. – Katrice R. Jalbuena



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