First U.S. CO2 auction brings in $38.5 million

Companies buy emission credits; funds will go towards cleaner energy

ALBANY, N.Y. – The owners of Northeastern fossil fuel-burning power plants, which are now required to buy credits to cover the carbon they emit, spent nearly $40 million in the first cap-and-trade greenhouse gas auction in the United States.

The auction, the results of which were released Monday, raised money that will be spent by the 10 Northeast states on renewable and energy-efficient technologies.

The Regional Greenhouse Gas Initiative is viewed as a possible model for a national program to reduce U.S. emissions of carbon dioxide.

MSNBC