New York state made $16.9 million in an auction of carbon emission allowances, reported the NY Times ‘Green’ blog. More than 80 percent of the auction proceeds are supposed to be invested in energy-saving programs.
Gov. David A. Paterson set a precedent last year when he took $90 million from the money generated by the initiative to deal with a projected state budget deficit of nearly $50 billion through March 2013. […] State officials said that dipping into the environmental pool of money was a necessity in a moment of crisis and was not expected to happen again.
Requiring companies to pay money for the right to pollute the air as a way to cover the budget deficit…very crafty.