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Brief Background on RGGI Some RGGI Innovations Lessons Learned

Regional Greenhouse Gas Initiative: Lessons Learned from the Design of the Nation’s First Carbon Cap-and-Trade Program. Overview. Brief Background on RGGI Some RGGI Innovations Lessons Learned. Regional Greenhouse Gas Initiative.

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Brief Background on RGGI Some RGGI Innovations Lessons Learned

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  1. Regional Greenhouse Gas Initiative:Lessons Learned from the Design of the Nation’s First Carbon Cap-and-Trade Program

  2. Overview • Brief Background on RGGI • Some RGGI Innovations • Lessons Learned

  3. Regional Greenhouse Gas Initiative The Nation’s First Mandatory Cap-and-Trade Program for Carbon Dioxide Launch Date: Jan. 1, 2009

  4. Process April 2003 Invitation 3 Year Design Process December 2005 Memorandum of Understanding (7 States) Model Rule Completed MA & RI Joined MD to Sign

  5. The Region at a Glance(CT, DE, ME, MD, ME, NH, NJ, NY, RI & VT) • 48.8 million people— (16% of US Population) • 10% of U.S. Emissions • 8th largest emitter in the world • $2.4 trillion economy (19% of U.S.)

  6. Reduction Requirements • Stabilize emissions at current levels through 2014; • then reduce by 10% by 2019 • ~13% below 1990 levels • ~35% below business as usual

  7. RGGI Innovations • Firing Biomass/Biofuel a “control” method • Offsets “Valve” • Offsets—5 Initial Types: • Natural Gas, Propane, Heating Oil Efficiency; • Land to Forest; • Landfill Gas Capture & Combustion; • Methane Capture from Animal Operations; & • SF6 Leak Prevention. • Recognition of International Currencies

  8. RGGI Innovations • Allocations • States agreed to propose minimum 25% public benefit allocation in MOU • A number of states have proposed 100% auction: • New York • Massachusetts • Maine • Vermont • New Jersey (“up to 100%”)

  9. Lessons Learned • Clear, Simple Rules • Allowance Allocations Provide Opportunity to Lessen Impacts of the Program • Integrity of Offsets Requires Careful Approach to Design & Implementation

  10. RGGI Next Steps • Complete RGGI Implementation • Get rules on the books • Auction Platform and Tracking System • First auction early 2008? • Bring Maryland On • Add Additional States—PA? • Link to California? Others in West Coast AZ, NM, OR, WA? • Address Imports of Electricity

  11. RGGI + California • MOU among RGGI States Welcomes Participation by Additional States • RGGI + California = • 28.5% of U.S. Population • 32% of U.S. Economy • 3rd Largest World Economy • 17% of U.S. GHG Emissions • 6th Largest Emitter Worldwide

  12. Franz Litz Climate Change Policy CoordinatorNY Dept. of Environmental Conservation ftlitz@gw.dec.state.ny.us

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