BOSTON – Today, Acadia Center released a new report illustrating the benefits of a new approach for Massachusetts to reduce transportation pollution while improving the system to better meet its citizens’ needs. This new analysis shows that, if designed well, a regional cap-and-invest policy could enable the state to make over $5.5 billion in crucial transportation investments by 2030, which would generate over 52,000 long-term jobs and $17.5 billion in economic activity.
“Massachusetts could generate tremendous value for its residents through a cap-and-invest program for transportation,” said Deborah Donovan, Massachusetts Director and Senior Advocate at Acadia Center. “By capping transportation emissions and auctioning allowances, this innovative policy simultaneously creates funds for transportation infrastructure and improvements, reduces harmful pollution, and supports a clean economy.”
This analysis comes on the heels of a December announcement from nine states and Washington, D.C. that they will create a regional program to cap transportation emissions and spur investment in transportation improvements. Massachusetts has been a leader in this effort, from hosting listening sessions to gather public feedback to Governor Baker’s creation of the Commission on the Future of Transportation. Last month, that commission released a sweeping report that included the recommendation that Massachusetts lead the effort to create a regional transportation cap-and-invest program to reduce pollution and fund investments in public transit, rural mobility, and electric vehicle infrastructure.
Acadia Center’s analysis highlights the benefits that Massachusetts could achieve by putting cap-and-invest proceeds to work.
“This new analysis demonstrates that putting a price on greenhouse gas emissions and reinvesting the proceeds would be a driver of economic growth for Massachusetts,” said Emily Lewis, Senior Policy Analyst at Acadia Center. “The cap-and-invest approach received strong support at public listening sessions in Massachusetts and across the Northeast, and these findings show why.”
To estimate the economic opportunity for a market-based transportation climate policy, the report examined a sample investment portfolio including commuter rail updates and expansion, electric vehicle rebates and charging infrastructure, bus fleet electrification and expansion, and walking and biking infrastructure. To determine how funds from this type of program are ultimately invested, participating states will need to develop a process that includes input from all impacted parties, in particular low-income and disadvantaged communities.
“Cap-and-invest programs work best when they are designed to complement other policies,” said Jordan Stutt, Carbon Programs Director at Acadia Center. “This analysis illustrates how cap-and-invest proceeds could bolster the Commonwealth’s existing efforts to deliver modern, accessible, low-carbon transportation options.”
Read the full report here: https://acadiacenter.org/document/investing-in-modern-transportation-benefits-for-massachusetts/
Jordan Stutt, Carbon Programs Director
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Emily Lewis, Senior Policy Advocate
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