Virginia joined RGGI in 2021 and advocates say it has already helped the state to address climate change.
What is RGGI in Virginia?
The Regional Greenhouse Gas Initiative, known as “Reggie” from its acronym RGGI, is a successful program to reduce pollution that directly helps Virginians like the Collins. Utilities in Virginia have to buy an allowance for every ton of carbon dioxide that comes out of their power plants.
Is Pennsylvania in RGGI?
Because Pennsylvania is joining RGGI through regulation, and not a law passed by the legislature, the money will go to the Clean Air Fund, where it can only be used to reduce air pollution.
What is the Regional Greenhouse Gas Initiative Virginia?
DEQ coordinates Virginia’s participation in the Regional Greenhouse Gas Initiative (RGGI), an auction-based program to reduce greenhouse gas pollution from the electricity generation sector.
What is RGGI carbon price?
The most recent Regional Greenhouse Gas Initiative (RGGI) quarterly auction (held on December 1, 2021) resulted in a clearing price of $13.00 per allowance, surpassing the previous auction’s record price of $9.30 per allowance.
What states are in the RGGI?
The Regional Greenhouse Gas Initiative (RGGI) is a cooperative, market-based effort among the states of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, and Virginia to cap and reduce CO2 emissions from the power sector.
How does the RGGI work?
How RGGI Works. RGGI is a “cap-and-invest” program. Together, the RGGI states set an enforceable regional limit on the amount of carbon pollution that power plants are allowed to emit and sell pollution permits up to this limit through quarterly auctions.
What does RGGI stand for?
The Regional Greenhouse Gas Initiative (RGGI) is the first mandatory cap-and-trade program in the United States to limit carbon dioxide from the power sector.
Is RGGI a tax?
Although the RGGI is often called a “cap and trade” program, its effect is the same as a direct tax or fee on emissions because RGGI allowance costs are passed on from electric generators to distribution companies to consumers.
What is Reggie in PA?
On April 23, 2022, Pennsylvania entered the Regional Greenhouse Gas Initiative (RGGI), a multistate program to reduce pollution from electric power plants. Governor Wolf directed DEP to draft a regulation to participate in the program in a 2019 Executive Order.
When did Virginia join the RGGI?
2021
Virginia joined RGGI in 2021 and advocates say it has already helped the state to address climate change.
Who can participate in RGGI?
A company that is located/registered in a foreign country can participate in a RGGI auction; however, the company must establish a banking arrangement that allows it to comply with the requirements established in Section 2.9 (Submittal of Financial Security) of the Auction Notice.
Is RGGI voluntary?
Under the RGGI Model Rule’s optional voluntary renewable energy market set-aside provision, the state regulatory agency allocates a certain number of tons from the CO2 Budget to a voluntary renewable energy market set-aside account for each compliance period.
Who started RGGI?
History. On December 20, 2005, seven governors from Connecticut, Delaware, Maine, New Hampshire, New Jersey, New York, and Vermont signed a memorandum of understanding aimed at developing a cap-and-trade program for power sector CO2 emissions in the northeastern and mid-Atlantic region.
Is the RGGI effective?
As studies have shown, RGGI has been effective in reducing GHG emissions, even below the cap’s allowance. Unlike states that use much of their proceeds to fund efficiency projects to further reduce emissions, New Jersey used much of its RGGI proceeds on state debt.
Is Vermont part of RGGI?
The Regional Greenhouse Gas Initiative (RGGI) is a cooperative effort by Northeastern and Mid-Atlantic states (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, and Vermont) to reduce carbon dioxide emissions – a greenhouse gas that contributes to global climate
Is New York in RGGI?
In Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, Vermont and Virginia, RGGI is promoting a clean-energy future with lower greenhouse gas emissions from electric power generation and savings for electricity customers.
Does cap and trade work?
Well-designed cap-and-trade systems have proven to be environmentally effective and cost-effective. Successful cap-and-trade systems have had accurate emissions monitoring, significant violation penalties, and high compliance.
What is California cap-and-trade?
The Cap-and-Trade Regulation establishes a declining limit on major sources of GHG emissions throughout California, and it creates a powerful economic incentive for significant investment in cleaner, more efficient technologies.
How is social cost of carbon calculated?
1. What is the social cost of carbon? The short answer: The social cost of carbon is the cost of the damages created by one extra ton of carbon dioxide emissions.
Who have started reducing emissions from deforestation and forest degradation?
The United Nations Programme on Reducing Emissions from Deforestation and Forest Degradation (or UN-REDD Programme) is a collaborative programme of the Food and Agriculture Organization of the United Nations (FAO), the United Nations Development Programme (UNDP) and the United Nations Environment Programme (UNEP),