The latest auction in the Northeast's cap-and-trade program to reduce greenhouse gas emissions from power plants brought in $152 million to be distributed to the nine participating states including New York.
The Regional Greenhouse Gas Initiative sets a cap on carbon dioxide emissions and requires power producers to buy allowances for every ton of carbon they produce. The cap was reduced in 2014, driving up the price per credit in subsequent auctions.
Program officials say revenue from all auctions since 2008 is $2.2 billion, which states use mainly to promote energy efficiency and renewables.
New York got $59 million from the latest auction Wednesday, bringing its total to about $841 million.
Conor Bambrick of Environmental Advocates of New York said the cap-and-trade program is the most effective tool we have to fight climate change.
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