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 NEW YORK (AP) - The governors of California and New York announced a partnership Monday to reduce greenhouse gas emissions by allowing power plants in their states and across the Northeast to trade emissions credits.
California Gov. Arnold Schwarzenegger said he would sign an executive order on Tuesday that calls for a program allowing his state to work with the Northeast's Regional Greenhouse Gas Initiative.
The goal of the initiative is to reduce carbon dioxide emissions at power plants starting in 2009. Under the program, power plants in participating states will be granted a limited number carbon credits, equal to the amount of carbon dioxide they are allowed to emit. Those that exceed their limits must purchase credits to cover the difference, while those that produce less carbon dioxide can sell the surplus credits.
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