RGGI Auction Results Shows Strength of Carbon Trading Program

Media Contacts
Heather Leibowitz


“We do not have to choose between a healthy economy and a healthy environment. We can have both.” –Heather Leibowitz, Environment New York

[New York, NY]- Today, the nine states of the Regional Greenhouse Gas Initiative (RGGI), announced the results of the 30th quarterly auction of carbon dioxide (CO2) allowances. More than 15 million CO2 allowances were sold at auction at a clearing price of $7.50. Additional details can be found in the Market Monitor Report. 

Heather Leibowitz, the Director of Environment New York issued the following statement:

“The results of the latest auction show that RGGI is a successful model that continues to thrive. We do not have to choose between a healthy economy and a healthy environment. We can have both. By investing RGGI funds in smart programs, our states have cut power plant pollution while reducing electricity prices, saving people and businesses more than $1.8 billion on energy bills through efficiency programs, boosting the economy by more than $2 billion, and creating more than 23,000 jobs. Those benefits will only grow over time, providing a roughly $8 billion boost to the region from 2013-2020.

“In New York, cumulative proceeds from 2009 to 2014 equaled more than $700 million. The projected economic value added from 2013 to 2020 equals more than $2 billion for the state and would include the creation of over 18,000 jobs. 

“RGGI will be a key element in meeting the ambitious climate pledges northeastern governors have been making in advance of the December climate talks in Paris, including Governor Cuomo’s pledge to aim for 40 percent below 1990 levels by 2030. The RGGI states’ success shows we can reduce climate pollution in an economically beneficial path.
“Future impacts of global warming depend on the choices we make today. By accelerating our transition to pollution-free energy sources, we can prevent the worst impacts. Participating states should further strengthen the cap to help prevent damage to our climate and protect our children for generations to come.”