HOME          CATEGORIES          OUR TAKE

Carbon trading initiative a success, study says

 

Solar Panel on Power Line
A lineman installing solar panels in the spring in Totowa, N.J.. Juan Arredondo for The New York Times

A new study reports that the ten states that adopted the “Regional Greenhouse Gas Initiative” (RGGI) have seen gains of around $1.6 billion (value added) since 2008. It outlines benefits such as significant consumer savings on energy as well as the creation of nearly 16,000 jobs. The initiative, which at the moment includes the New England states as well as Delaware, Maryland, New York and New Jersey, is a regional cap and trade program and reported that power plant owners paid over $900 million for carbon allowances over the past three years. That money was then made available for the states to reinvest into their economies. It was used to increase energy efficiency, fund other environmental projects like restoring wetlands, and even general use by the states. However, despite the apparent success of the initiative, in some states the current recession has created a sentiment against carbon controls and a few have even made efforts to pull out of the program.

Ricky Ghoshroy

Comment on this article

ClimateYou moderates comments to facilitate an informed, substantive, civil conversation. Abusive, profane, self-promotional, misleading, incoherent or off-topic comments will be rejected. Moderators are staffed during regular business hours (New York time) and can only accept comments written in English.

Leave a Reply

Your email address will not be published.

SHARE THIS ARTICLE


More Posts Like This

CONSEQUENCES

SCOTUS Poised to Handcuff the EPA

In the wake of reactionary rulings by the Supreme Court that seized a woman’s right to abortion after the Justices had unleashed potentially lethal freedoms to gun owners, one can only shudder at the prospect of the court’s upcoming decision on West Virginia v. Environmental Protection Agency (EPA).

CITY TECH BLOG

China and the Paris Agreement by City Tech Blogger Xiao JiaLun

The “Paris Agreement” is a climate change agreement adopted at the Paris Climate Change Conference on December 12, 2015, and signed in New York on April 22, 2016. The agreement decides the global response to climate change after 2020. A major feature of the Paris Agreement is that

ENERGY

Biden is Right to push for Climate Agenda on Economic grounds

In Biden’s 1st SOTU, he doubled down on his climate agenda, asserting that it would save Americans $500/year in energy costs. He promised to build 500,000 charging stations, upgrade miles of highways, and modernize the nation’s ports and airports, all to lower transportation costs for Americans. He said

Take action in the fight against climate change