By Stephen Lacey on Apr 20, 2012 at 3:40 pm
Northeastern states participating in America’s first carbon cap and trade program have outperformed the rest of the country in GDP growth and reduction in global warming pollution.
That’s according to a new report from Environment New Jersey, which examined emissions data and economic growth indicators from 2000 to 2009.
The Regional Greenhouse Gas Initiative (RGGI) is a nine-state cap-and-trade market designed to reduce emissions in the utility sector 10% by 2018. A recent independent analysis showed that the program has already created $1.6 billion in economic value and set the stage for $1.1 billion in ratepayer savings through investments in efficiency and renewable energy.
This latest report shows that states under the RGGI program saw a 20% greater reduction in per-capita carbon emissions than non-RGGI states — all while growing per-capita GDP at double the rate of the rest of the country.