The Economic Impacts of the Regional Greenhouse Gas Initiative on Nine Northeast and Mid-Atlantic States: Review of RGGI's Third Three-Year Compliance Period (2015-2017)
White Paper, April 2018
The Regional Greenhouse Gas Initiative (RGGI) is the nation's first multi-state cap-and-trade program aimed at controlling carbon dioxide (CO2) emissions from power plants. Since the program's launch in 2009, Analysis Group has been tracking RGGI's economic impact on the nine participating states – the six New England states plus New York, Delaware, and Maryland.
In its most recent report, The Economic Impacts of the Regional Greenhouse Gas Initiative on Nine Northeast and Mid-Atlantic States: Review of RGGI's Third Three-Year Compliance Period (2015-2017), Analysis Group found that RGGI continues to help to lower CO2 emissions while benefiting local and regional economies and boosting employment opportunities. An Analysis Group team – including Principal Paul Hibbard, Senior Advisor Susan Tierney, Vice President Pavel Darling, and Associate Sarah Cullinan – estimated that RGGI states will realize $1.4 billion in net economic value from RGGI's implementation during the 2015-2017 period.
According to the report, the program also will create more than 14,500 new job-years (the equivalent of one full-time job for the duration of one year) due to the program's implementation during the past three years. In addition, CO2 emissions from power plants have dropped by more than 50 percent over the nine years since the RGGI program launch.