Six states convert CO2 hysteria into $38.6 million in cold hard cash

Carbon auction raises $38.6M for programs- Syracuse.com

The nation’s first auction of carbon dioxide pollution allowances yielded $38.6 million for the six states that sold them, money that will pay for energy efficiency and renewable energy programs.

The auction also began a process that is expected to gradually reduce carbon emissions from power plants in the 10 Northeastern states participating in the Regional Greenhouse Gas Initiative.

The regional agreement, which takes effect Jan. 1, requires power plants to pay for their emissions by buying carbon dioxide “allowances” at auctions. The amount of allowances available will be reduced beginning in 2015.