RGGI and the future of Virginia
Written by Sophia Whitaker
To secure a thriving future for Virginia, evidence suggests there must be a large-scale yet sustainable and equitable elimination of harmful air pollutants and heat-trapping gases. The Regional Greenhouse Gas Initiative (RGGI) started as early as 2009 with this very goal; to aid participating US states in reducing their emissions and generating revenue through a cap-and-trade program in which energy companies buy, sell, and trade carbon permits while the number of said permits gradually decreases over time to guide the phase of out of fossil fuel usage. While many view RGGI as only a climate initiative, it can deliver a myriad of other benefits apart from just air pollution reduction.
Source: NOAA GFDL
Decarbonizing the power sector improves human health and saves lives, VCC’s own research shows reducing power plant emissions 100% by 2045 would save up to 640 lives and prevent nearly 200 hospitalizations in Virginia alone. Poor air quality stemming from power plant pollution harms everyone’s health, however, vulnerable individuals and communities, such as disabled persons or low-income households are disproportionately impacted. The capital from carbon permit auctions is in the hands of each state to use for their constituents in whatever way they see fit. In Virginia, 50% of this revenue is dedicated to providing low-income Virginians with affordable, sustainable housing and those in the Commonwealth are already putting the nearly $250 million from the first two years to good use.
Along with health and environmental justice advantages, RGGI is shown to benefit the economy. Within its first five years, participating RGGI regions saved $5.7 billion in health benefits from cutting fossil fuel-derived pollutants. In addition, the NRDC states that 45,000 jobs were created, the regions’ economies grew at a rate 31% faster than non-participants’, and their energy prices have dropped 5.7% compared to an average 8.6% increase in states without RGGI.
Undeniably, RGGI can supply benefits to Virginians. It improves public health, helps underserved communities, and puts money back into Virginians’ pockets. The Virginia state government is currently evaluating Virginia’s participation in RGGI. You can view your fellow Virginians’ stance on the matter here and submit your own comment, open until Friday March 31, 2023 at 11:59pm.
Written by
Sophia Whitaker - Virginia Climate Center Communications Manager
