Virginia has approved draft regulations to link to RGGI and participate in the program through 2030.
will virginia participate in rggi?
Virginia does not currently participate in RGGI, however, in November 2017, the Virginia State Air Pollution Control Board approved draft regulations to link to the market. The link permits Virginia to participate in the program through 2030.
By linking with RGGI, Virginia power providers would be able to trade within the wider RGGI market through a consignment auction. This means that Virginia regulators would give away allowances instead of selling them and that Virginia’s Department of Environmental Quality (DEQ) would not have decision-making power about where auction proceeds are invested.
Legislative action is required for Virginia to formally join RGGI. This has already been proposed with the Virginia Alternative Energy and Coastal Protection Act.
rggi's benefits to virginia
Virginia’s power plants put out nearly 34 million tons of carbon dioxide in 2016, up from 31 million in 2011. By formally joining RGGI, the state would place a long-term cap on carbon pollution beyond 2030.
As a formal member of RGGI, state regulators at the Virginia DEQ would have the authority to sell allowances to power providers and invest the revenue in projects to mitigate climate change. Virginia is projected to receive up to $200 million in auction proceeds per year.