BOSTON, MA – Nine northeastern states have boosted the regional economy by $1.3 billion through a regional program that caps global warming pollution from power plants, according to a report released today by the Analysis Group. The report, The Economic Impacts of the Regional Greenhouse Gas Initiative on Nine Northeast and Mid-Atlantic States, found that in the last three years the northeastern states have created 14,000 new jobs and saved consumers $460 million on their energy bills, all while cutting power plant carbon pollution by more than a third.
The Regional Greenhouse Gas Initiative is the nation’s first multi-state program to limit global warming pollution from power plants. Through the program, states cap allowable pollution, sell pollution permits and then invest the revenues in energy efficiency and clean energy initiatives. Developed by a bi-partisan group of governors in the 2000s, the program has been operating since 2009.
Travis Madsen, Global Warming Solutions state campaign director at Environment America, issued the following statement applauding the success of the Regional Greenhouse Gas Initiative:
“Six years in, it is absolutely clear that this program works. It works to clean up dangerous global warming pollution. It works to accelerate our transition to clean energy. And it works for our economy by generating revenue, saving money on electricity bills and creating jobs.
“The nine states in the Regional Greenhouse Gas Initiative have demonstrated that fighting global warming helps the economy, not hurts it.
“As states across the country prepare to implement the Clean Power Plan, the first national limit on global warming pollution from power plants, this report is proof that by tackling one of the greatest challenges of our time, states can also create opportunities for economic growth.
“Congratulations to the Northeastern states. We look forward to working with you in the years to come to ensure that the Regional Greenhouse Gas Initiative continues to be a success.”