Cap and Trade Moves Forward Successfully at a Regional Level
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Green Career Tip of the Week
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"With each successful auction, the Regional Greenhouse Gas Initiative states continue to show that cap and trade works and can jumpstart a green economy with fewer emissions, lower electricity bills, and more jobs. RGGI has provided a roadmap to a clean energy future." - David Littell, chair of the RGGI board of directors
Over the last few weeks, as the Senate Energy bill was shelved and then resurrected in a more limited form, I found myself getting more and more frustrated! A national energy policy is a critical step in defining the cornerstones of the US green economy, and yet the Senate isn't mustering the votes to make this happen. Although getting something through the Senate is better than nothing, without a national energy policy companies and investors still wonder whether there's enough return on investment to get involved.
As I read one pundit's synopsis of the Energy bill after another I saw a renewed discussion of what states and regions are already doing...right now. With a bit of investigation, I discovered that three regional cap and trade systems are already in place or in the final planning stages. It's important that you know about these programs and how they work. In the article below I spell out the basics and provide links you can follow to get more detailed information about the program in your area.
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Tip of the Week: Cap and Trade Moves Forward Successfully at a Regional Level
While having a national policy is a critical move forward, a Senate bill that puts a price on greenhouse gas emissions is not the only way to shape the green economy. Several regions of North American are already working on cap and trade programs and policies to reduce greenhouse gas emissions.
According to the EPA, cap and trade systems are an "environmental policy tool that delivers results with a mandatory cap on emissions while providing sources flexibility in how they comply. Successful cap and trade programs reward innovation, efficiency, and early action and provide strict environmental accountability without inhibiting economic growth." Such systems have been used in the past to reduce other harmful emissions such as acid rain. Click on the Cap and Trade 101 button at the link above for a very short slideshow that describes this tool.
The following regional programs are underway and moving forward. One has been in place for over two years and is showing successes. The other two have completed their initial plans and expect to launch in the near future.
- Regional Greenhouse Gas Initiative (RGGI, or ReGGIe) is a mandatory regional market-based cap and trade program to reduce greenhouse gas emissions from power plants in ten Northeastern and Mid-Atlantic states. The goal of the cap and trade program is "a 10 percent reduction in these emissions by 2018." Auctions have been occurring quarterly for two years and participating states are receiving funds ($583 million as of March 2010) to invest in the energy efficiency programs and clean energy technology that are relevant within each state.
- Western Climate Initiative (WCI) is also a market-based cap and trade system that includes the Western states and several Canadian provinces. The goal of the system is to "reduce regional GHG emissions to 15 percent below 2005 levels by 2020 and spur investment in and development of clean-energy technologies, create green jobs, and protect public health." The details of the program were just released on July 27th, 2010.
As of May 19th 2010 all three of these regional cap and trade programs have agreed to work together to share best practices and to instill as much standardization as possible into the regional systems. The hope is that a national program can be implemented in the future. If you'd like to read the details, check out their joint report.
As these Cap and Trade Programs are put in place it will be easier to assess what careers are going to emerge as opportunities. We'll keep our eye on this and bring you more information.
In the meantime, if you are intrigued and want to know more about greenhouse gases and career opportunities, I recommend checking out the Greenhouse Gas Management Institute for training opportunities and an informative blog.
Copyright © 2010 Transition Dynamics Enterprises, Inc.
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