Ten states currently participate in the initiative. Pennsylvania, which is a major coal producer and manufacturing state, only participates as an observer.
Current membership
* Participating states: Maine, New Hampshire, Vermont, Connecticut, New York, New Jersey, Delaware, Massachusetts, Maryland, Rhode Island
* Observer states and regions: Pennsylvania, District of Columbia, Québec, New Brunswick, Ontario.
Implementation
RGGI is implementing a cap and trade system for CO2 emissions from power plants in the member states. Emission permit auctioning began in September 2008, and the first three-year compliance period began on January 1, 2009. Proceeds will be used to promote energy conservation and renewable energy. The system affects fossil fuel power plants with 25 MW or greater generating capacity ("compliance entities").
Climate Change Action Plan
A parallel effort to reduce emissions in the Northeast is the New England Governors/Eastern Canadian Premiers Climate Change Action Plan, which calls for a reduction in greenhouse gas emissions to 10% below 1990 levels by 2020. For comparison: the EU aims to reduce emissions to 20% below 1990 levels by 2020.
In addition, the Northeast States for Coordinated Air Use Management (NESCAUM) is building a Regional Greenhouse Gas Registry (RGGR) to help track emissions in the region. This effort is similar to that of the California Climate Action Registry.
Carbon auction
The Memorandum of Understanding commits states to invest 25% of revenue from carbon credits to energy efficiency and strategic energy schemes. This revenue is received by auctioning credits from the state budget to compliance entities. Since signing the MOU in 2005, all ten states have committed in their Model Rule to the sale of the vast majority of the state's carbon budget. This overcomes the problem of opportunity cost associated with the EU ETS, which led to windfall profits for generators.
RGGI sold carbon credits on Thursday September 25, 2008 in the first of a series of quarterly online auctions. 12,565,387 allowances were sold for $3.07 per ton of carbon dioxide, bringing in a total of $38,575,738.09. It was the largest carbon auction at the time. The second auction was held December 17, 2008. 31,505,898 allowances were sold for $3.38 per allowance. In the third auction, held on March 18, 2009, 31,513,765 (2009) allowances were sold for $3.51 per allowance, and 2,175,513 (2012) allowances were sold for $3.05 per allowance. The June 17 saw 30.8 million allowances sold for $3.23 per allowance, and 2.17 million 2012 allowances sold for $2.06.
History
In 2003 George Pataki, then Governor of New York, sent a letter to the governors of Northeastern and Mid-Atlantic states seeking "to develop a strategy that will help the region lead the nation in the effort to fight global climate change."
In August 2005, the RGGI staff working group proposed an emissions reduction program that would start in 2009 and lead to a stabilization of emissions at current levels (an average of 2002-2004 levels) by 2015. This would be followed by a 10% reduction in emissions between 2015 and 2020. The proposal would also allow participants to purchase offsets to meet 50% of their emission reductions.
As of December 20, 2005, seven Northeastern US states were involved in the Regional Greenhouse Gas Initiative. Massachusetts and Rhode Island dropped out at the last minute; Massachusetts Governor Mitt Romney objected to a lack of opt-out provisions if energy prices exceeded a certain threshold.. He went on to attack Senator John McCain for his positive position on cap-and-trade during the 2008 presidential election. The seven states still involved (Delaware, New Jersey, New York, Connecticut, Vermont, New Hampshire and Maine) signed a "Memorandum of Understanding" committing themselves to move forward with the program. Special provisions were made in that document for Massachusetts and Rhode Island to join the effort at any time prior to January 1, 2008.
Massachusetts rejoined on January 18, 2007, on the order of newly elected Governor Deval Patrick.
Rhode Island rejoined on January 30, 2007. Governor Donald L. Carcieri used his State of the State address to make the announcement. While he reiterated his concern about the impact on energy costs, he said that "I have been assured that those costs can be offset by credits we will receive from other states."
On April 20, 2007, Maryland Governor Martin O’Malley signed an agreement to join, making Maryland the 10th state to join the initiative.
New Hampshire joined on June 12, 2008, when Gov. John Lynch signed a law implementing RGGI.
From http://en.wikipedia.org/
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