Northeast cap-and-trade program nets $2.2 billion since 2008

By Associated Press.

ALBANY, N.Y. - 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.