Most carbon emissions trading in the United States is currently under state jurisdicition. For instance, in 2003, New York State proposed and attained commitments from nine Northeast states to form a cap-and-trade carbon dioxide emissions program for power generators, called the Regional Greenhouse Gas Initiative (RGGI). This program launched on January 1, 2009 with the aim to reduce the carbon “budget” of each state’s electricity generation sector to 10% below their 2009 allowances by 2018.
Although currently the United States does not have a federal cap and trade policy, President Obama has declared that the U.S. will enter one to help limit global warming.
The 2010 United States federal budget proposes to support clean energy development with a 10-year investment of US $15 billion per year, generated from the sale of greenhouse gas (GHG) emissions credits. Under the proposed cap-and-trade program, all GHG emissions credits would be auctioned off, generating an estimated $78.7 billion in additional revenue in FY 2012, steadily increasing to $83 billion by FY 2019.
The American Clean Energy and Security Act, a cap-and-trade bill, was also passed on June 26, 2009, in the House of Representatives.
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