First Legally Binding Carbon Auction in the U.S. Takes Place

The RGGI auction took place in September as planned.

The nation's first government mandated greenhouse gas auction raised nearly $40 million that will be spent by Northeast states on renewable and energy efficient technologies. Under the Regional Greenhouse Gas Initiative, or RGGI, fossil fuel burning power plants in the Northeast are required to buy credits to cover the carbon the emit. A ton of carbon went for $3.07, about 65 percent more than the minimum set price. The auction was the world's largest carbon credit auction to date.

Source: Boston Globe