First U.S. greenhouse cap-and-trade market opens
"We need to develop creative ways to make sure the benefits of energy efficiency are going to all ends of the spectrum of energy consumers -- not just large consumers, but low income citizens and tenants."
- Laurie Burt, Massachusetts Environmental Protection commissioner
New York City, New York, USA - Ten states in the U.S. Northeast kicked off the country's first cap-and-trade market on greenhouse gas emissions on Thursday, gaining accolades from environmentalists and many businesses but also eliciting concerns about how the states will spend the money the plan raises.
The states from Maryland to Maine formed the Regional Greenhouse Gas Initiative to limit emissions of carbon dioxide from power plants in the absence of guidance from the Bush administration on regulating planet-warming gases.