{"id":261144,"date":"2023-06-07T19:45:29","date_gmt":"2023-06-07T17:45:29","guid":{"rendered":"https:\/\/climatescience.press\/?p=261144"},"modified":"2023-06-07T19:45:32","modified_gmt":"2023-06-07T17:45:32","slug":"regional-greenhouse-gas-initiative-third-program-review","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=261144","title":{"rendered":"Regional Greenhouse Gas Initiative Third Program Review"},"content":{"rendered":"\n
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From Watts Up With That?<\/a><\/p>\n\n\n\n

Roger Caiazza<\/p>\n\n\n\n

The Regional Greenhouse Gas Initiative<\/a> (RGGI) is a carbon dioxide control program in the Northeastern United States.  One aspect of the program is a program review<\/a> that is a \u201ccomprehensive, periodic review of their CO2 budget trading programs, to consider successes, impacts, and design elements\u201d.  Because it is often cited as a successful cap and invest control program it is worthwhile to review the status of the Third Program Review after the March 29, 2023 public meeting.<\/p>\n\n\n\n

Background<\/strong><\/p>\n\n\n\n

RGGI<\/a> is a market-based program to reduce greenhouse gas emissions. According to RGGI<\/a>:<\/p>\n\n\n\n

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The Regional Greenhouse Gas Initiative (RGGI) is a cooperative 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 power sector CO2<\/sub> emissions. <\/p>\n\n\n\n

RGGI is composed of individual CO2<\/sub> Budget Trading Programs in each participating state. Through independent regulations, based on the RGGI Model Rule, each state\u2019s CO2<\/sub> Budget Trading Program limits emissions of CO2<\/sub> from electric power plants, issues CO2<\/sub> allowances and establishes participation in regional CO2<\/sub> allowance auctions.<\/p>\n<\/blockquote>\n\n\n\n

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Proponents tout RGGI as a successful program<\/a> because participating states have \u201ccut carbon pollution from their power plants by more than half, improved public health by cutting dangerous air pollutants like soot and smog, invested more than $3 billion into their energy economies, and created tens of thousands of new job-years\u201d.  Others have pointed out that RGGI was not the driving factor<\/a> for the observed emission reductions.  My latest evaluation of RGGI results<\/a> found that the investments from RGGI auction proceeds were only directly responsible for 6% of the total observed annual reductions over the baseline to 2020 timeframe and that those investments reduced emissions at a rate of $818 per ton of CO2.  The primary driver of observed reductions was cost-efficient fuel switching from coal and residual oil to natural gas not RGGI.  I concluded that RGGI successfully raised money but has not provided cost-effective emission reductions or has had much to do with the observed CO2 emission reductions in the electric generating sector of the NE United States.<\/p>\n\n\n\n

Third Program Review<\/strong><\/a><\/p>\n\n\n\n

The RGGI states periodically review<\/a> the \u201csuccesses, impacts, and design elements\u201d of the program.  On March 29, 2023 RGGI Inc. and the participating states gave an update on the status of the third program review.  The presentation gave an overview of the program, explained how the review process works, described state activities, and described the electric sector analysis.  Meeting materials including comments submitted after the meeting are available:<\/p>\n\n\n\n