Power sector emissions fell 5.2% below the RGGI cap to 86.3 million tonnes in 2014 mainly due to increasing renewables generation and energy saving measures, a report said on Wednesday.
- Since the program’s launch RGGI states have seen 3 times the emissions reductions of other states and 3 percentage points of additional economic growth.
- Electricity prices have declined by 2% across the region since RGGI’s launch in 2008
- A half-year update from clean energy think-tank Acadia Center found RGGI continued to drive down emissions while boosting economic growth in its nine participating northeast US states.
- “Thanks to the success of the RGGI program, states around the country have gained confidence in market-based mechanisms to reduce CO2 emissions,” said Peter Shattuck, Director of Acadia Center’s Clean Energy Initiative. “That confidence has translated into numerous multi-state groups discussing RGGI-like trading programs to comply with the Clean Power Plan.”
- RGGI states 2016 programme review provides chance to reform system to fit Clean Power Plan requirements by extending cap to at least 2030, deepening annual cap reduction and revising or removing the Cost Containment Reserve
By Ben Garside – ben@carbon-pulse.com
