RGGI CO2 AUCTIONS YIELD MILLIONS FOR INVESTMENT IN CLEAN ENERGY, JOB CREATION Current Control Period Allowances Sold at $2.07 Future Control Period Allowances Sold at $1.86
The states participating in the Regional Greenhouse Gas Initiative (RGGI)has announced the results of the first quarterly auction of carbon dioxide (CO2) allowances in 2010. The auction, held Wednesday, March 10th, yielded $87,956,944.56 for investment in the clean energy economy. All of the 40,612,408 CO2 allowances for the first three-year control period (2009-2011) offered in Wednesday’s auction sold at a price of $2.07.
In a parallel offering, the RGGI states also auctioned CO2 allowances for the second three-year control period (2012-2014). A total of 2,091,000 of the 2,137,992 CO2 allowances for the second control period sold at a price of $1.86. Unsold allowances may be sold in future auctions according to each state’s regulations. Proceeds from all auctions held to date now total more than $582.3 million.
States are investing proceeds to improve energy efficiency and accelerate the deployment of renewable energy technologies, creating thousands of jobs. With each successful auction, the RGGI states continue to show that cap-and-trade works and can jumpstart a green economy with fewer emissions, lower electric bills and more jobs. Across the region, businesses are hiring workers to implement the growing variety of energy efficiency and renewable energy programs funded with RGGI CO2 allowance proceeds.
Energy auditing and weatherization are just two of many technical services needed to build a clean energy economy. RGGI state investments in energy efficiency also create jobs in design, manufacturing and technology development. According to the U.S. Department of Energy, every one million dollar investment in building weatherization creates more than 50 jobs in the installation of weatherization measures and another 10 to 20 jobs in the production of energy-efficient building materials.
Maryland recently invested $750,000 of RGGI CO2 allowance proceeds to provide energy efficiency-related job training to more than 600 contractors at 13 community colleges across the state. The Home Energy Retrofit and Weatherization Workforce Training Program, established in part by the state’s investment of RGGI proceeds, offers a "one-stop" training source for any energy retrofit career path in the state, including contractors working with local weatherization agencies and Maryland’s utility providers.
Similarly, New York State is investing RGGI proceeds to train hundreds of workers needed to improve the efficiency of homes and businesses to meet the state's aggressive energy efficiency targets. As part of its $112 million investment in building sector energy efficiency improvements and job training the New York State Energy Research and Development Authority (NYSERDA) will partner with constituency-based organizations, community colleges, unions and other groups to build and expand training and certification programs for emerging workers, building remodelers, HVAC technicians, energy auditors and engineers.
RGGI Program Investments
RGGI Auction 7 Market Monitor Report
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