The Economic Impacts of the Regional Greenhouse Gas Initiative on Ten Northeast and Mid-Atlantic States
White Paper, May 2023
The Regional Greenhouse Gas Initiative (RGGI) is the nation’s first multi-state cap-and-invest 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 participating states. The latest report covers the six New England states plus New York, New Jersey, Delaware, and Maryland.
In the latest Analysis Group report, Associate Daniel Stuart and Principal Paul Hibbard found that the cap-and-invest program added $669 million in net economic value and nearly 8,000 job-years to participating states from 2018 to 2020. The study also found that, over its 12-year history, RGGI has contributed to a 46% reduction in carbon emissions, raised $3.8 billion in allowance proceeds, produced $5.7 billion in net economic benefits, and added 48,000 job-years.
In addition, for the first time, the study included a review of RGGI states’ actions to address environmental justice (EJ) concerns and provided a framework to advance these equity priorities.
The Analysis Group report is an independent project of the RGGI Project Series.
Stuart D, Hibbard P