New Jersey's cap-and-trade program successful

by: Hopeful

Sun Mar 14, 2010 at 05:05:20 PM EDT

On March 12, the Regional Greenhouse Gas Initiative announced the results of the latest auction (PDF):

The states participating in the Regional Greenhouse Gas Initiative (RGGI) today 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.

I don't have New Jersey's share of the proceeds (Delaware made $2 million), but according to law New Jersey's share is invested as follows:

  *  60 percent of proceeds to the New Jersey Economic Development Authority (EDA) for end-use energy efficiency, combined heat and power, and renewable energy project loans and grants in the commercial, institutional, and industrial sectors.
   * 20 percent of proceeds to the New Jersey Board of Public Utilities (BPU) to support programs to reduce electricity costs or electricity demand for low- and moderate-income residential electricity customers.
   * 20 percent of proceeds to the New Jersey Department of Environmental Protection (DEP) to support local government programs to implement greenhouse gas emissions reduction measures (10%) and programs to enhance forest stewardship and tidal marsh restoration that provide important opportunities to sequester carbon (10%).

Will NJ get a waiver for Stricter Greenhouse Gas Emissions?

by: Jason Springer

Tue Mar 10, 2009 at 09:30:00 AM EDT

I read a very good blog post from the NRDC regarding the EPA's reconsideration of California's request for a waiver under the Clean Air Act so that California can implement stricter greenhouse gas emission regulations for automobiles.  The post is here. Once the waiver is granted, New Jersey's regulations which adopt the California regulations will be effective.  These clean car regulations is part of New Jersey's plan to address global warming gases under its Global Warming Response Act.

Administrator Jackson was the Commissioner of DEP at the time that DEP adopted the Ca. regulations and she was very involved in the passage of the Global Warming Response Act.  I believe that bodes well for her decision to grant the waiver.

Corzine on Carbon Caps, Global Warming

by: Jay Lassiter

Mon Oct 29, 2007 at 05:02:43 PM EDT

Governor Corzine, N.Y. Gov. Spitzer and the Premier of British Columbia Gordon Campbell held a conference call from Portugal with the English-speaking press (I guess that's us!) to discuss the formation of the International Carbon Action Partnership.  The event's host was the Portugese Prime Minister Jose Socrates. 

This new alliance -- a broad coalition of US states, Canadian provinces, European countries plus New Zealand -- seeks to provide an "international forum in which governments adopting mandatory greenhouse emissions cap and trade systems will share experiences and best practices on the design of emission trading (strategies.)

Governor Corzine has walked the walk on the environment and states like ours have taken a real ledership roll as signatory to the regional greenhouse gas initiative (REGGI for short) along with NY and eight other ("Blue") states in the northeast.

A Canadian journalist pressed the pols about a regional plan, as opposed to a global effort.  A Jersey writer echoed the sentiment, calling the whole initiative mere symbolism in light of the anemic repsonse from Washington. Plus if places like, say, China or Missouri aren't bound by the tough standards, isn't it kinda like pissing in the wind?

"We are not tilting at windmills," Corzine chided.  "We're setting the prototype for the nation!"

Corzine went on:

My background as the former head of Goldman Sachs has given me a unique perspective on many market-based solutions to important public problems, such as environmental degradation.  But it is my life in public service that has helped me understand that it will take the courage and commitment of a core set of leaders, like those of us gathered today (in Lisbon), to drive implementation of smart, feasible, and measurable policies needed to address an issue as urgent as global warming."