Latest RGGI auction brings in $85.6M in funding for Virginia
The latest auction of carbon emission credits held by the Regional Greenhouse Gas Initiative (RGGI) will result in Virginia receiving another $85.6 million to help fund programs to mitigate the impact of climate change. Virginia joined the program in the summer of 2020 and became the first state in the southeast to join the compact. Through 54 auctions, RGGI has brought in $4.7 billion from power companies.
“RGGI is the first market-based, cap-and-invest regional initiative in the United States,” reads the website. “Within the RGGI states, fossil-fuel-fired electric power generators with a capacity of 25 megawatts or greater (‘regulated sources’) are required to hold allowances equal to their CO2 emissions over a three-year control period.”
Virginia has now brought in $227.6 million from the program across four auctions. Around half of the funding goes to pay for flood control and mitigation. In October, Governor Ralph Northam announced Charlottesville would receive $153,000 in RGGI-funded grants to create a model of the city’s portion of the Moores Creek watershed to assist with flood prevention. (October 6, 2021 story)