A new report demonstrates that emissions markets can increase renewable energy, decrease greenhouse gases (GHGs) and grow the economy. The Regional Greenhouse Gas Initiative (RGGI) is the first U.S. market-based regulatory program designed to reduce GHGs. RGGI is a cooperative effort among the states of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont to cap and reduce the power sector’s CO2 emissions. There are roughly 160 power plants covered by RGGI. Under the program, states sell emission allowances through auctions and invest the proceeds in consumer benefits including energy efficiency, renewable energy, and other clean energy technologies. In addition to spurring clean tech innovation and reducing GHGs, RGGI is creating green jobs.
A new report demonstrates that emissions markets can increase renewable energy, decrease greenhouse gases (GHGs) and grow the economy. The Regional Greenhouse Gas Initiative (RGGI) is the first U.S. market-based regulatory program designed to reduce GHGs. RGGI is a cooperative effort among the states of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont to cap and reduce the power sector’s CO2 emissions. There are roughly 160 power plants covered by RGGI. Under the program, states sell emission allowances through auctions and invest the proceeds in consumer benefits including energy efficiency, renewable energy, and other clean energy technologies. In addition to spurring clean tech innovation and reducing GHGs, RGGI is creating green jobs.
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Proposed amendments to RGGI have been incorporated in an Updated Model Rule which was released on February 7, 2013. Although New Jersey Gov Chris Christie pulled out of the program nearly two years ago, the nine remaining states have all agreed to make even deeper cuts to power plant carbon emissions, leading to a 20 percent reduction over the next decade.
According to a report released on March 26th 2013, RGGI has increased renewable energy, lowered GHGs and grown the economy. Between 2000 and 2010, the economies of the ten Northeast states grew twice as fast per capita as other states, while per capita carbon dioxide emissions declined 25 percent faster.
For further information see RGGI.
Stack image via Wikipedia.
