Montana House Lawmaker Mary Dunwell, a Democrat, introduced legislation on Jan. 14 that would impose a carbon tax of $10 per metric ton on large emissions sources from 2020, increasing annually by $1, plus the rate of inflation. The bill would set an emissions reduction goal of 25 percent by 2035, and 50 percent by…...
Democratic Governor Tom Wolf issued an executive order on Jan. 8 requiring the state to work toward reducing greenhouse gas emissions by 26 percent by 2025, and 80 percent by 2050, relative to 2005 levels. By setting goals in line with the 2015 Paris climate agreement, Pennsylvania joins a growing number of states reacting to President…...
New York State Assemblyman Kevin Cahill, a Democrat, introduced legislation on Jan. 2 that would impose a carbon tax of no less than $35 per ton on the distribution or sale of carbon-based fuels, increasing annually by $15 to a maximum of $185. Under the bill, 60 percent of the proceeds from the tax would be…...
With the federal government’s U-turn on climate policy, states are taking the lead in regulating greenhouse gas emissions. Specifically, carbon trading is gaining traction as more jurisdictions are joining cap-and-trade markets.The two regional blocs in the U.S., California, Quebec, and Ontario’s cap-and-trade system and the Regional Greenhouse Gas Initiative (RGGI) involving nine Northeastern states, recently outlined their plans after 2020 ending uncertainty about their medium-term future.
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With the federal government’s U-turn on climate policy, states are taking the lead in regulating greenhouse gas emissions. Specifically, carbon trading is gaining traction as more jurisdictions are joining cap-and-trade markets.The two regional blocs in the U.S., California, Quebec, and Ontario’s cap-and-trade system and the Regional Greenhouse Gas Initiative (RGGI) involving nine Northeastern states, recently outlined their plans after 2020 ending uncertainty about their medium-term future.
The Virginia Air Pollution Control Board has approved a proposal to reduce power sector carbon dioxide emissions by 30 percent between 2020 and 2030. The proposal would link Virginia with the Regional Greenhouse Gas Initiative (RGGI), the nation’s first mandatory cap-and-trade program. The proposal is consistent with RGGI’s recently announced proposed improvements that caused a rebound in allowance prices in the September auction. With member states in agreement over the program's post-2020 path, RGGI is likely in for a boost that could see both price increases in future auctions and additional states joining the group.
The Virginia Air Pollution Control Board has approved a proposal to reduce power sector carbon dioxide emissions by 30 percent between 2020 and 2030. The proposal would link Virginia with the Regional Greenhouse Gas Initiative (RGGI), the nation’s first mandatory cap-and-trade program. The proposal is consistent with RGGI’s recently announced proposed improvements that caused a rebound in allowance prices in the September auction. With member states in agreement over the program's post-2020 path, RGGI is likely in for a boost that could see both price increases in future auctions and additional states joining the group.
In its proposal to repeal the Clean Power Plan (CPP), the Environmental Protection Agency (EPA) has devalued the social cost of carbon (SCC) and disregarded the global benefits from the CPP. Following President Trump’s executive order rescinding the SCC, this approach could be used to revisit existing environmental rules. Despite the pushback on carbon pricing at the federal level, states are increasingly using the social cost of carbon as a metric to measure and reduce their climate impacts.
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In its proposal to repeal the Clean Power Plan (CPP), the Environmental Protection Agency (EPA) has devalued the social cost of carbon (SCC) and disregarded the global benefits from the CPP. Following President Trump’s executive order rescinding the SCC, this approach could be used to revisit existing environmental rules. Despite the pushback on carbon pricing at the federal level, states are increasingly using the social cost of carbon as a metric to measure and reduce their climate impacts.
The California legislature has passed legislation extending the cap-and-trade program, the centerpiece of the state’s efforts against climate change. The extension aligns the program with the state’s 2030 emissions reduction targets. It cements California’s role as a leading state in climate policy nationwide at a time when federal climate policy remains uncertain.
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The California legislature has passed legislation extending the cap-and-trade program, the centerpiece of the state’s efforts against climate change. The extension aligns the program with the state’s 2030 emissions reduction targets. It cements California's role as a leading state in climate policy nationwide at a time when federal climate policy remains uncertain.
Clearing prices in the June 2017 RGGI auction dropped to their lowest level in over four years, marking a sharp turn from the December 2015 auction which had reached a record high. The decline in prices can be attributed to uncertainty about the RGGI program after 2020 with regard to the future value of emissions allowances, as well as uncertainty over the future of the Environmental Protection Agency's Clean Power Plan. RGGI’s emission cap must extend at least until 2030 to provide certainty for market participants who are bracing for the end of the program currently slated for the end of 2020.
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