Russ Steele
As California is implementing Cap and Trade, following the example of the Regional Greenhouse Gas Initiative created by a group of ten northeastern states, one of those RGGI states is having second thoughts about it's participation in this regional cap and trade program. RGGI runs a carbon trading scheme with the primary goal to reduce CO₂ emissions.
Permits are auctioned off quarterly, and September’s auction only sold 75% of the permits available, and December’s sold only 57%. The sale price was $1.86 per ton which is the floor price. Even at that price RGGI Auction Yielded $48.2 Million for Investment in Energy Savings and Clean Energy. The problem is that, states are using the auction funds to save state budgets that are underwater. The RGGI is becoming just another way to tax the people. This is not sitting will with the folks in New Hampshire who are considering withdrawal from the RGGI.
"Like most states, New Hampshire has had a sizable turnover in the state legislature, and there is a move afoot to withdraw. A story in the Dec 26 Manchester Union Leader (on paper or subscription only) reports on the effort to find supporters before writing the bill. Some supporters say there’s enough support to make passage likely", writes Ric Werme at Watt's Up With That. I wrote about the problems with RGGI style cap and trades here and the potential for CARB's cap and trades to become just another state slush fund.
Exit Question: When will the people of California wake up like the people of New Hampshire? Really?
