The Northeast and Mid-Atlantic states participating in the second RGGI control period (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont) have implemented the first mandatory market-based regulatory program in the U.S. to reduce greenhouse gas emissions. Power sector CO2 emissions are capped at 165 million short tons per year through 2014. The cap will then be reduced by 2.5 percent in each of the four years 2015 through 2018, for a total reduction of 10 percent.
GGI is composed of individual CO2 budget trading programs in each state, based on each state’s independent legal authority. A CO2 allowance represents a limited authorization to emit one short ton of CO2, as issued by a respective state. A regulated power plant must hold CO2 allowances equal to its emissions to demonstrate compliance at the end of each three-year control program. RGGI’s second control period began on January 1, 2012 and extends through December 31, 2014. CO2 allowances issued by any state are usable across all state programs, so that the individual state CO2 budget trading programs, in aggregate, form one regional compliance market for CO2 emissions. (www.rggi.org)
Background:
- Reality Check: The state of climate progress in Canada — Report by the National Roundtable on the Environment and the Economy, released June 2012
- Meeting Canada’s 2020 Climate Change Commitments — Chapter 2 in the 2012 Spring Report of the Commissioner of the Environment and Sustainable Development, released May 2012
- “Federal budget strips accountability and transparency from climate change policy” — Pembina Institute blog
- 2010 saw BASF achieve the first reduction witnessed from the chemicals business with 28.9% reduction per metric ton of product compared to 2002 levels. BASF focus on producing products sustainably are aiding global emissions reductions. View BASF's Ecodesk Profile>> <http://click.icptrack.com/icp/relay.php?r=77076949&msgid=234031&act=5YMG&c=1126622&destination=http%3A%2F%2Fwww.ecodesk.com%2Fsustainability%2Fbasf-se>
- AXA reduced CO2 emissions by 6% in 2010 compared with 2009 levels. Energy consumption dropped by 3% within the same time frame. Reduced consumption of office paper and commercial paper by 12% and 9% was also achieved. <http://click.icptrack.com/icp/relay.php?r=77076949&msgid=234031&act=5YMG&c=1126622&destination=http%3A%2F%2Fwww.ecodesk.com%2Fsustainability%2Faxa>
More fresh information’s about Carbon Market ? subscribe on BLOG – CDM NOTICES =>
