Editor's Note: It was Monday's New York Times Editorial, States Dare to Think Big, that led me to the R.G..G.I. site. The passage of AB 32, the California Global Warming Solutions Act of 2006, marked a watershed moment in California's history. By requiring in law a sharp reduction of greenhouse gas (GHG) emissions, California set the stage for its transition to a sustainable, low-carbon future. AB 32 was the first program in the country to take a comprehensive, long-term approach to addressing climate change, and does so in a way that aims to improve the environment and natural resources while maintaining a robust economy.
Illustration: How to Help Someone Having an Asthma Attack by Wikihow
The nine Northeastern and Mid-Atlantic states participating in the Regional Greenhouse Gas Initiative (RGGI)*, the nation's first market-based regulatory program to reduce greenhouse gas emissions, announced consensus on a set of draft program elements that will guide the RGGI states as they conduct final economic analysis and establish a post-2020 path forward for the program.
The RGGI states have a long-standing record of leadership towards a clean energy economy, which continues with today’s proposal. The RGGI states propose a regional cap trajectory that will provide an additional 30% cap reduction by the year 2030, relative to 2020 levels. The proposed regional program changes include the addition of an Emissions Containment Reserve (ECR) wherein states can withhold allowances from auction if emission reduction costs are lower than projected. The proposed ECR is an innovative way to adaptively respond to supply and demand in the market.
The announcement brings the RGGI states a step closer to the conclusion of a program review process lasting over a year, and incorporating comprehensive feedback from stakeholders and experts gathered through eight public meetings. More than 120 separate comments were submitted by experts, policymakers, and organizations, as well as more than 29,000 personal comments and petition signatures.
Next Steps
The RGGI states will seek stakeholder comment on the draft program elements in a public meeting to be held on September 25th . Materials, including a stakeholder meeting notice and a supplementary table of year-by-year regional numbers, are posted to the RGGI, Inc. website; additional materials will be provided prior to the public meeting.
After reviewing stakeholder comments, conducting additional economic analysis, and releasing updated materials including a revised Model Rule, states will follow state-specific statutory and regulatory processes to propose updates to their CO2 Budget Trading Programs.
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