Gov. Spitzer's plan would make New York the first state to auction off 100 percent of its pollution allowances.Gov. Eliot Spitzer on Wednesday announced new proposed state rules for a 10-state regional program that will fight global warming by cutting greenhouse gases from power plants.

According to the Albany Times Union, the draft regulations for the Regional Greenhouse Gas Initiative call for power plants to buy state-created allowances at auction to cover emissions of carbon dioxide, a known greenhouse gas. The plan would begin in 2009.

Under Spitzer's plan, carbon dioxide emissions from power plants 25 megawatts and larger would be limited at 64.3 million tons annually from 2009 through 2014. Between 2015 and 2019, the amount of allowances would be reduced by 10 percent to cut CO2 by the same amount. By 2019, CO2 emissions are expected to be 16 percent lower than projected without the program.

"By design, this plan creates winners and losers. Older, less efficient power plants with higher emission levels will pay more to comply with the Regional Greenhouse Gas Initiative than newer, more efficient units," Spitzer said. "Dirty generators will be at a competitive disadvantage."

Check out the video from Wednesday's announcement here, and an informative fact sheet here.