US carbon market cuts emissions by 12 mil tons
According to a recent report, the Regional Greenhouse Gas Initiative (RGGI), a carbon market composed of several US states, has achieved significant emissions reductions and provided a stimulus to economies as well.
For the past several years Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont have collaborated to achieve a power sector emission reduction of 10% by 2018.
Energy utilities are required to meet new regulations by purchasing carbon allowances at auction. 25% of auction revenues are then directed toward energy efficiency programs.
According to a recent RGGI report, investments in these clean energy programs resulted in a reduction of 12 million tons of carbon dioxide emissions between 2009 and 2011.
The report also showed the economic impacts of the RGGI as over $600 million were invested into clean energy initiatives between 2009 and 2011, generating a projected $1.3 billion savings in lifetime energy bills for electric subscribers.