The Great Beyond: UK holds first auction for carbon allowances

The UK is the first country to avail itself of an EU rule allowing governments to auction up to 10 percent of the allowances between now and 2012. Selling four million allowances at a rate of 16.15 euros per tonne, the UK hauled in nearly 65 million euros (US $81 million). Next year the country plans to sell upward of 25 million allowances, according to Reuters.
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At least that's the theory. Governments can also just raise revenue - which isn't easy to come by at present - and do what they please with it. As noted by several critics in the Guardian, the UK government has so far refused to dedicate these revenues to climate solutions.

Liveblogging Arnold's Global Climate Summit

Sibelius: Kansas is the Saudi Arabia of wind
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Gerretsen: $70b in next 10 years on expanded transit. Phase out coal (1/3 now) by 2014(!) thru conservation and renewables
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Sibelius: Nat Govs Assn has taken this on, led by (R) Gov Pawlenty. This is not red or blue issue. I'm optimistic.
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Scott Pelley, CBS News moderating the Gov's panel
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Doyle: Ethanol - we'll not only wear cheese on our heads at football games; we'll drive to the game on cheese
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Kathleen Matthews, EVP Marriott: Our tipping pt, 3 images - polar bears drowning, people drowning (Katrina), gas over $4/gal
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Howard: Israel 72% tax on new vehicles (!) 10% on electric vehicles. “Gasoline vehicle dead by 2012.”
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Panetta: No greater economic - or national security - threat than if we feel to recognize impact of global warming
Panetta: No threat greater than the threat to life itself
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Brian Storms, APX: Cap and trade WILL become a reality; $1T to $2-4T estimates
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Obama [video]: standing ovation-and moist eyes all over the room.