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New York Implements Greenhouse Gas Cap
|Aug. 12--ALBANY -- New York has joined a regional system to reduce carbon dioxide emissions from the state's power plants.|
On Monday, the state Environmental Board voted to implement the Regional Greenhouse Gas Initiative, which creates a mandatory cap-and-trade program designed to cut pollution that contributes to global warming, while simultaneously raising funds for "green" energy programs in New York.
"Today's action is the culmination of extensive work by the Department of Environmental Conservation and our state partners to respond to the challenges posed by climate change," said Alexander B. "Pete" Grannis, DEC commissioner and Environmental Board chairman, in a press release. "With the approval of the RGGI regulations today, we have enacted a key component of Gov. David A. Paterson's plan to move New York towards a clean energy economy and ensure a healthier environment for our entire region."
To stay in business, power plant operators will have to purchase carbon dioxide allowances, either through a quarterly auction or from each other in a secondary market, to cover every ton of carbon dioxide they emit. Plants must be in compliance by Jan. 1, 2009.
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