NEW JERSEY RAISES MORE THAN $9.1 MILLION FOR JOB-GENERATING
CLEAN ENERGY PROJECTS IN QUARTERLY CARBON AUCTION
(10/P12) TRENTON -New Jersey raised more than $9.1 million for job-generating clean energy projects during the state’s quarterly auction of carbon allowances, Department of Environmental Protection Acting Commissioner Bob Martin announced today.
New Jersey has raised $64.5 million through six quarterly carbon auctions since December 2008. The auctions are administered by the DEP in coordination with other Northeast and Mid-Atlantic states participating in the Regional Greenhouse Gas Initiative.
“Through these auctions, the DEP is harnessing market forces to create clean energy projects that spur jobs and growth,” Commissioner Martin said. “The DEP is proving that doing the right things for the environment is also good for the economy.”
The DEP held two auctions on Wednesday. The first auctioned carbon allowances for the period ending in 2011. This auction generated $8.6 million, at $2.07 per allowance. The second auctioned allowances for the period 2012 through 2014, resulting in $509,000 proceeds at $1.86 per allowance.
The majority of the auction proceeds allow the state Economic Development Authority to provide zero-interest loans and grants to companies and institutions for renewable energy and energy efficiency projects. Proceeds also fund a DEP program that help local governments reduce carbon emission and another program that allows the DEP to protect forest and tidal marshes that capture carbon dioxide. The proceeds also fund a Board of Public Utilities consumer assistance program.
In addition to New Jersey, the Regional Greenhouse Gas Initiative includes Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island and Vermont.
For more information, visit the DEP’s Office of Climate and Energy at: www.nj.gov/dep/oce/