The World Green Exchange has been selected to provide the Auction Implementation Services for RGGI (Regional Greenhouse Gas Initiative). RGGI chose the World Green Exchange to trade the first phase offset transactions for the ten states who, in lieu of a federal standard, are implementing self-imposed standards to lower carbon emissions. The proven forward and reverse auctions have already yielded results including the first North American online auction for carbon emission compliance.

Central to RGGI’s mission is the implementation of a multi-state cap-and-trade program with a market-based emissions trading system. Through this cap and trade initiative, the states, including Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, New Jersey, Rhode Island and Vermont, will use the World Green Exchange to offset carbon emissions.

In a statement issued by RGGI, Inc., Pete Grannis, Chair, RGGI, Inc. and Commissioner of the New York Sate Department of Environmental Conservation said, “Absent federal leadership, the Northeast and Mid-Atlantic states of RGGI are taking action to cut greenhouse gas emissions and reduce their impact on the environment Our CO2 auction will be the first in the nation and it is one that should be replicated at the federal level.”

We’d love to hear your thoughts on RGGI and its implications on the US carbon market!

Tags: Carbon Credits, carbon trading, GHGs, RGGI

This entry was posted on Monday, March 17th, 2008 at 2:05 pm and is filed under Government Regulation, Green Energy, Green News, Greenhouse Gases, Renewable Energy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.