Regional Greenhouse Gas Initiative brings Maine close to $82 Million
Maine makes over $2,270,635in 33rd auction
Article by Ramona du Houx
Maine brought in $2,265,634.20 from the Regional Greenhouse Gas Initiative (RGGI), 33rd auction of carbon dioxide (CO2) allowances.
RGGI is the first mandatory market-based program in the United States to reduce greenhouse gas emissions. RGGI is a cooperative effort among the states of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont to cap and reduce CO2 emissions from the power sector.
The program, first started in Maine when Governor John Baldacci pushed for it’s implementation and had a bill introduced. The legislation won unanimous support in Maine’s Senate and House. To date RGGI has brought in $81,837,449.15 to the state for weatherization and alternative energy projects, for businesses and homes.
“RGGI is working. It is helping Mainers reduce our energy bills and reduce emissions. It is a win-win and a model for the entire nation," said Former State Representative Seth Berry, who sat on Maine’s legislative committee that approved the final RGGI rules.
States sell nearly all emission allowances through auctions and invest proceeds in energy efficiency, renewable energy, and other consumer benefit programs. These programs are spurring innovation in the clean energy economy and creating green jobs in the RGGI states.
14,911,315 CO2 allowances were sold at the auction at a clearing price of $4.54.
The September 7th auction was the third auction of 2016, and generated $67.7 million for reinvestment in strategic programs, including energy efficiency, renewable energy, direct bill assistance, and GHG abatement programs. Cumulative proceeds from all RGGI CO2allowance auctions exceed $2.58 billion dollars.
“This auction demonstrates RGGI’s benefits to each participating state, helping to reduce harmful emissions while generating proceeds for reinvestment. Each RGGI state directs investments according to its individual goals, and this flexibility has been key to the program’s success across a diverse region.” said Katie Dykes, Deputy Commissioner at the Connecticut Department of Energy and Environmental Protection and Chair of the RGGI, Inc. Board of Directors. “Another key RGGI strength is our commitment to constant improvement, as exemplified in the program review process. The RGGI states are continuing to evaluate program elements and improvements as part of the 2016 Program Review, with the goal of reaching consensus on program revisions that support each state’s unique goals and priorities.”
Governor John Baldacci led the effort in Maine to join RGGI and had a comprehensive energy plan similar to Cuomo. Baldacci's clean energy plan focused on how to get Maine off fossil fuels and bring clean energy jobs to the state. His administration created grants to help new innovations like the floating offshore wind platforms and windmills developed at the University of Maine under Dr. Habib Dagher's leadership. (photo: by Ramona du Houx. Dr. Dagher talks with Gov. John Baldacci about the next steps for wind farm implementation offshore. The prototype of the floating windfarm is the firs photo on the page)
Nine Northeastern and Mid-Atlantic states participate in the Regional Greenhouse Gas Initiative (RGGI).
“Independent reports have found the reinvestment of RGGI proceeds is creating jobs, reducing consumers’ utility bills, and boosting state economies while driving down carbon emissions,” said Jared Snyder, Deputy Commissioner at the New York State Department of Environmental Conservation and Vice Chair of the RGGI, Inc. Board of Directors. “Our reinvestment of RGGI proceeds is supporting Governor Cuomo’s transformational clean energy and energy efficiency goals to generate 50 percent of New York’s energy from renewable sources and reduce carbon emissions 40 percent by 2030, ushering in the low-carbon economy essential to the wellbeing of future generations.”