Emissions from power plants under the RGGI programme have fallen 37 per cent since 2008. Last year they totalled 83.2m short tonnes of CO2, 6.3 per cent below the annual emissions cap, according to Acadia Center, an environmental group.


Even after earlier efforts to address the glut, traders banked surplus credits worth 25.3m tonnes in 2014-2015, according to Acadia Center.

“In fact, current trends suggest that a substantial additional surplus will be amassed by the end of the decade,” it said.

Read the full article from the Financial Times here.