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
