Environmental organizations and clean energy businesses today released a document calling on member states of the Regional Greenhouse Gas Initiative (RGGI, pronounced “Reggie”) to pursue reforms to make the program stronger and meet the requirements of EPA’s Clean Power Plan (CPP).
The document outlines principles to guide RGGI states’ upcoming 2016 Program Review, where potential modifications to current program rules will be considered.
Before describing reforms, the groups cite successes of RGGI to-date, including a 45% reduction in GHG emissions, $630 million in energy efficiency funding, and $2.3 billion in consumer savings.
“Modifications to RGGI will build on the many successes that the program has already had, and ensure that we continue to see CO2 emissions decline and investments in clean energy increase,” said Daniel L. Sosland, Acadia Center President.
Signatory groups focus on three key principles to be addressed during the 2016 Program Review:
- Extending the RGGI cap to at least 2030 in order to provide additional clarity to the market and match EPA’s timeline for achievement of CPP targets;
- Correcting the cap reduction trajectory to deliver necessary long term emissions reductions; and,
- Revising or removing the Cost Containment Reserve to ensure achievement of emissions reduction targets.
Additional topics addressed include accounting for renewables, the role of offsets, and pathways for other states to participate in RGGI.
“With final EPA targets set to be released this summer, these changes will allow the RGGI states to demonstrate that the program can meet federal requirements, while providing a clear blueprint for other states wishing to adopt emissions trading programs,” said Jordan Stutt, Policy Analyst at Acadia Center.
For more information see: http://acadiacenter.org/document/RGGI-2016-program-review-principles
Jordan Stutt, Policy Analyst, Acadia Center
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Emily Avery-Miller, Dir. External Relations, Acadia Center
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