Virginia nets $74.2 million in latest carbon cap-and-trade auction

The Regional Greenhouse Gas initiative has held its latest auction of carbon allowances to organizations that generate electricity. Virginia will receive $74.2 million in proceeds from the latest sale last week. That’s the fifth time Virginia has participated since joining the interstate compact in 2020 for a total of $301,855,695.52. 

“RGGI is a cooperative effort among eleven states – Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, Vermont, and Virginia – to reduce greenhouse gas emissions,” reads the nonprofit’s website.

Those states have received nearly $5 billion in proceeds. By law, Virginia is required to direct 45 percent of its funding to the Community Flood Preparedness Fund and 50 percent to support energy efficiency programs for low-income households. 

RGGI has no enforcement authority and exists to facilitate each state’s carbon dioxide trading program. Governor Glenn Youngkin wants Virginia to end its participation in the program, but legislation to to allow that to happen failed in the General Assembly session this year. 

To learn more, read Sarah Vogelsong’s story posted this morning at Virginia Mercury. The headline is As Virginia nets another $74 million, RGGI uncertainty lingers

Before you go: The time to write and research of this article is covered by paid subscribers to Charlottesville Community Engagement. In fact, this particular installment comes from the March 14, 2022 edition of the program. To ensure this research can be sustained, please consider becoming a paid subscriber or contributing monthly through Patreon.

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