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Released: Wednesday, December 17, 2008

ALBANY, N.Y. – Holiday shoppers who were planning to purchase a Carbon Reduction Certificate for a friend or loved one this season won’t be shut out after all. Although the Adirondack Council retired in a scant eight days all 1,000 pollution allowances it has purchased, the organization today purchased more and will continue to offer to permanently retire them as Christmas gifts through Tuesday, December 23.

Due to overwhelming public response to its Cool Park/Healthy Planet Carbon Retirement Program, the Adirondack Council today agreed to purchase an additional 3,000 tons’ worth of carbon dioxide allowances from the nation’s only government-mandated greenhouse gas reduction effort.

The Carbon Reduction Certificates offered by the Adirondack Council cost $25. Each commemorates the permanent prevention of three tons of carbon dioxide pollution. The suitable-for-framing certificate may be issued in the name of the donor, or anyone they choose. The certificates are available in our secure shop.

The Council will reinvest the money it raises through sales of Carbon Reduction Certificates by purchasing additional allowances, as well as in promoting the 10-state Regional Greenhouse Gas Initiative’s (RGGI) expansion to all 50 United States and beyond.

The Adirondack Council today signed a purchase agreement for 2,000 additional allowances with a Canadian bank, which had purchased them as an investment at the first RGGI auction in September. The Adirondack Council had purchased 1,000 allowances at that auction as well, but has already retired them all. The Council today also placed a sealed bid for another 1,000 carbon dioxide allowances at the second RGGI auction.

RGGI is a 10-state, mandatory carbon-reduction program for power plants. Power plants from Maine to Delaware must purchase one carbon allowance for each ton of carbon that escapes their smokestacks. There is a cap on the total number available each year. Each year, the total made available decreases. This drives up the price of polluting, creating a strong economic incentive for pollution reductions. The Adirondack Council is further limiting the supply by buying thousands of allowances and refusing to resell them to power plants.

Each allowance retired means an additional one-ton reduction in the total cap on what is legally allowed to escape power plant smokestacks in the 10-state region.

“When we asked the public to help us retire these allowances permanently, we were amazed by the overwhelming, enthusiastic response we received,” said Adirondack Council Executive Director Brian Houseal. “People bought them for themselves, for their kids, for Christmas gifts or just because they wanted to do something personally to help curb climate change.

“We figured we would have plenty of time to get more at the next auction, but we sold out of Carbon Reduction Certificates so fast that we can’t wait for the results of today’s auction before buying more, since we won’t know if our auction bid was successful for a couple of days,” Houseal said. “Internet sales of Carbon Reduction Certificates far outpaced our expectations and we built up quite a waiting list until we found a solution.”

That solution was to buy 2,000 additional carbon dioxide allowances from a Canadian investment bank, through an allowance broker. The Council today transferred funds to the RBC Capital Management (a division of Royal Bank of Canada) of Calgary, Alberta, via a broker, Evolution Markets, Inc.

At the same time, the Council today placed a bid at the second RGGI auction in an attempt to purchase a fourth block of 1,000 allowances. So far, the Adirondack Council is the only public benefit organization to participate in the RGGI auction. It is also the only organization in the United States that is offering the public an opportunity to retire carbon allowances from an American, government-mandated program.

The first Carbon Reduction Certificates were purchased by Adirondack-area Congresswoman Kirsten Gillibrand, who bought one for herself and one each for her two young sons.

Rules governing the RGGI’s auctions require all bidders to purchase at least 1,000 tons’ worth of allowances, or a minimum investment of more than $3,000 for the inaugural auction in September.

“Not many people have that kind of money for a holiday gift,” said Brian L. Houseal, Executive Director of the Adirondack Council, a privately funded, not-for-profit organization dedicated to ensuring the wild character and ecological integrity of New York’s 9,300-square-mile Adirondack Park. “We wanted to create a program where people could pay a modest amount of money, yet still make a significant contribution to reducing carbon emissions. For $25 people can retire a block of three full tons.”

Three tons is equal to burning 300 gallons of gasoline (about half a year’s worth), or about half a year’s worth of electricity use for an average American (according to the US Environmental Protection Agency).

The Adirondack Council will continue to purchase allowances through the RGGI program and to encourage the public to retire them. Money paid by the Council at auction is invested in state government’s efforts to promote renewable energy and energy conservation.

Donations to the Adirondack Council for purchases of Carbon Reduction Certificates are fully tax-deductible.

Founded in 1975, the Adirondack Council is a leading environmental research, education and advocacy organization with members in all 50 United States. Its mission is to ensure the wild character and ecological integrity of New York’s 9,300-square-mile Adirondack Park. The Council is privately funded. It neither solicits nor accepts donations from government agencies or any other taxpayer-supported sources.