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Going, going ...

Print | Comments () Posted by Erin Ailworth December 19, 2008 09:07 AM

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Carbon dioxide emissions allowances in the Regional Greenhouse Gas Initiative's second auction sold for $3.38 each, according the multistate coalition, which posted the results on its website rggi.org.

According to Environment Northeast, a nonprofit advocacy organization, Massachusetts netted over $14.8 million of the total auction revenue, which was approximately $106.5 million.

Initiative officials said that there were about 70 participants from the energy, financial and environmental communities. More than 31.5 million allowances were auctioned, and the proceeds will divided between the participating states to fund energy efficiency and clean technology.

The initiative's goal is to reduce the carbon dioxide emissions, which contribute to global climate change, from more than 200 power plants in 10 states stretching from Maine to Maryland.

Massachusetts is a member of the initiative, which requires power plants to purchase an allowance for every ton of carbon dioxide they emit. The idea is that by putting a price on such emissions give plants a financial incentive to reduce pollution.

To read the RGGI release, go here.