CONCORD, N.H. — New Hampshire’s House is considering repealing the state’s regional greenhouse gas initiative that is aimed at reducing carbon emissions.
A House committee holds a hearing Thursday on legislation to repeal the program started three years ago. New Hampshire is one of 10 Northeastern states, including Maine, participating in a cap-and-trade program for carbon dioxide. Under the Regional Greenhouse Gas Initiative – -or RGGI– generators must reduce pollution or bid at auction for allowances giving them the right to produce certain amounts of carbon dioxide.
Generators whose emissions drop can sell surplus allowances at auction and trade them on commodities markets. Since 2008, the program has raised $729 million.
Proceeds from the auction are used for energy efficiency programs. Critics complain electric users are funding efficiency programs that don’t directly benefit them.
Last year, New Hampshire raided its fund to help pay for other state spending.