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Regional Government Statement: New York officially adopts carbon "cap and trade" program

( August 12, 2008, 13:43 GMT | Official Statement) -- ****************************************MLex-e3 Summary: New York has officially adopted a cap-and-trade scheme for reducing emissions under the Regional Greenhouse Gas Initiative (RGGI). The state is planning to offer its CO2 allowances in the December 2008 RGGI auction ahead of the compliance start date for the scheme, which will initially apply to power stations, of 1 January 2009. The state will not automatically give away CO2 allowances, but power plant companies will have to buy CO2 allowances through an auction or in the secondary market. Proceeds from the auction will fund energy efficiency programs, renewable energy projects, and innovative non-carbon emitting technologies said the New York State Environmental Board....

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