Pete Grannis- Chair of the Regional Greenhouse Gas Initiative, Inc.

States participating in the Regional Greenhouse Gas Initiative (RGGI), an agreement among ten Northeastern states to reduce greenhouse gas emissions from power plants, announced Monday that they will hold the first-ever carbon dioxide allowance auction that will take place on September 10, 2008, with a second auction scheduled for December 17, 2008. Click here to learn more about the auction's structure and format.

The states participating in the RGGI have committed to setting a cap then reducing the amount of carbon dioxide certain power plants are allowed to emit by 2.5 percent annually, reducing the region's total contribution to greenhouse gas levels by 16 percent. The goal of the RGGI is to motivate companies to produce more of their power through clean energy so they don't have to purchase additional allowances.

"Climate change is the most significant environmental problem of our generation," said Pete Grannis, Commissioner of the New York State Department of Environmental Conservation. "Our auction is the first in the nation and it is one that should be replicated at the federal level."