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RGGI Carbon Auction Raises More Than $94M

The nine Northeastern and Mid-Atlantic states participating in the Regional Greenhouse Gas Initiative generated more than $94 million at their most recent carbon auction.

RGGI’s 26th auction sold out of more than 18.2 million CO2 allowances at a clearing price of $5.21 per ton. The price is higher RGGI’s previous carbon auction, which sold more than 18 million CO2 allowances at $5.02 per ton.

The money raised will be reinvestment by the RGGI states in a variety of consumer benefit initiatives, including energy efficiency, renewable energy, direct bill assistance and greenhouse gas abatement programs.

Cumulative proceeds from all RGGI CO2 allowance auctions currently total $1.9 billion.

All 33.8 million carbon allowance sold out at California and Quebec’s first joint carbon auction, held Nov. 25, which raised about $407 million.

 

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One thought on “RGGI Carbon Auction Raises More Than $94M

  1. I am interested in the value dynamic of the carbon offset markets. At a price of $5.00 per ton of CO2e the money cost of emitting is quite modest relative to the impact that nobody measures … and to my knowledge, we don’t even know the impact or value arising from the use of the money raised other than in grandiose overview utterances. If CO2e were priced at say $2,000 per ton, then there would be some value in the process … but at $5.00 a ton it is an expensive waste of time. Please … what am I missing?

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