- RGGI Breaks Record, Raises Tens of Millions for New York Climate Action

For Immediate Release: December 4, 2015

RGGI Breaks Record, Raises Tens of Millions for New York Climate Action

Credits jump another 24%, raise $44.3 million for energy efficiency & clean energy

Albany – This week the state’s premier carbon abatement program, the Regional Greenhouse Gas Initiative (RGGI), had another record-setting auction, as the third of four auctions of this fiscal year raised over $115 million for the nine-state coalition, including another $44.3 million for New York State. A new record high price on carbon allowances was set at $7.50 each; in December 2014, the value was $5.21 per allowance, and in December 2013, was $2.92 per allowance – a 256 percent increase in just two years.

The first three auctions of the fiscal year have collectively raised $135 million for energy efficiency and clean energy projects through the New York State Energy Research and Development Authority (NYSERDA), $7 million higher than projected with another auction remaining. To date, the 30 RGGI auctions have collectively delivered $895 million for New York.

This week’s auction happened as world leaders convene in Paris to hammer out a global climate action plan, the U.S. Congress continued to attack the Clean Power Plan, and Governor Andrew Cuomo embraced codification of the State’s clean energy goals to make them a requirement.

Conor Bambrick, air & energy director for Environmental Advocates of New York said, “When RGGI began, the coal, oil, and gas industries predicted absolute doomsday. We knew they were wrong, and the difference between their scare tactics and reality could not be starker. In fact, many of the one-time foes of the program are now supporters because RGGI has resulted in cleaner and healthier air, a growing green economy, consumers wasting less on energy costs, and people going to work in fields like solar energy development.”

Bambrick added, “Since 2008, RGGI has raised $895 million; money that the state has tapped into for thousands of energy efficiency and clean energy projects, which can be found in every county and legislative district in the state. As Governor Cuomo and legislators proceed with codification of the state’s clean energy and carbon abatement goals in 2016, their whole-hearted support for RGGI’s growth will be a crucial part of our success.”