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Green vacation: Go on an eco-friendly safari

Green vacation: Go on an eco-friendly safari

The primary goal of modern-day eco-friendly African safaris is to lessen the ove...

Nepal, the Maldives, and Bhutan could lose around 2 percent G.D.P. due to climate change – A.D.B. report

Nepal, the Maldives, and Bhutan could lose around 2 percent G.D.P. due to climate change – A.D.B. report

Nepal, the Maldives, and Bhutan could be looking at economic losses of around 2 ...

South Asian countries face economic losses due to climate change – A.D.B. report

South Asian countries face economic losses due to climate change – A.D.B. report

Various countries in the South Asian region are looking at significant losses du...

World Bank aids Laos’ hydropower with $40 million in financing

World Bank aids Laos’ hydropower with $40 million in financing

The World Bank Group has inked two agreements for around $40 million in financin...

Vestas, EP Global Energy partner for donor-funded wind farm in Jordan

Vestas, EP Global Energy partner for donor-funded wind farm in Jordan

Wind turbine manufacturer Vestas and private energy asset developer EP Global En...

World Bank commits $5 billion for African renewable energy projects

World Bank commits $5 billion for African renewable energy projects

The World Bank Group has committed US$5 billion towards supporting energy projec...

Seven creative ways to teach your kids about eco-living

Seven creative ways to teach your kids about eco-living

According to Bureau of Labor Statistics, 3.1 million jobs in the United States w...

Business

Technology

Politics

Heavy rains and floods could be the “new normal”

Heavy rains and floods could be the “new normal”

Tuesday, 23 September 2014

Heavy rains and flooding experienced by three countries this weekend could be a sign of the “new normal,” according to the head of the United Nations ...

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Living Green

Nineteen easy ways students can help save Mother Earth

Nineteen easy ways students can help save Mother Earth

Thursday, 18 September 2014

Students are young, creative, energetic and outspoken that is why they have the perfect qualities to help save mother earth. They can be great eco-war...

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Renewables

Low-Carbon

Easy modifications to make your car more efficient

Easy modifications to make your car more efficient

Monday, 22 September 2014

There are plenty of reasons why you might be interested in lowering your car’s emissions. In some states, you may be required to pass a mandatory smog...

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Opinion

Unsustainable urban life: What's next?

Unsustainable urban life: What's next?

Wednesday, 11 June 2014

Nutrition plays a critical role in everyone’s chance at a better future. Hunger, said Benjamin Franklin once, is the best pickle. Some say “pickle”...

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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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