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(Washington, DC – February 11, 2013) The Environmental Markets Association (EMA) congratulated the nine states participating in the Regional Greenhouse Gas Initiative (RGGI) for their steps to reinvigorate trading in the RGGI carbon market by:
1) Instituting a cost containment reserve to protect participants from excessive price volatility; and
2) Re-visiting reduction requirements in light of changed economic conditions since the program was created.
The willingness of these nine states to push forward with these modifications is further testament to the benefits of market-based approaches to climate change.
According to a report issued in November 2012, RGGI is responsible for over $600 million of investment in the region’s energy future, and has significantly contributed to energy savings and renewable energy development. The EMA believes that RGGI’s demonstrated accomplishments, and leadership going forward, should serve as a model example for a national approach to dealing with climate change.
The Environmental Markets Association is a US-based trade association focused on promoting market-based solutions for environmental challenges.