NY part of Regional Emissions Market

States continue to be ahead of the Federal curve on reducing greenhouse gas emissions. From the Rochester Democrat and Chronicle:

An ambitious plan for reducing greenhouse gas emissions in the Northeast by creating a market in which the right to pollute can be bought and sold has moved one step closer to realization. This month, the seven states of the Regional Greenhouse Gas Initiative (RGGI) agreed upon a model rule — the rules of the game, so to speak — in anticipation of the start of emissions trading in 2009.

While federal legislation is nowhere on the horizon, even moderate Republican Governors like Pataki and Schwarzenegger are on board with, yes, admittedly limited steps, but steps nonetheless.

New York’s Gov. George Pataki pushed for creation of a regional cap and trade program, and as the largest state, New York has been a de facto leader in the cooperative effort to develop RGGI.

The RGGI includes New York, Maine, Vermont, New Hampshire, Connecticut, New Jersey and Delaware. (Massachusetts?? WTF??)

Environmentalists and power producers alike worry about the fact that RGGI will be limited to a handful of states, which also happen to already have some of the highest electric rates in the nation. Given the option, industries may choose to purchase cheaper, dirtier electricity from non-RGGI states such as neighboring Pennsylvania or Ohio, a phenomenon known as “leakage” that will dog the program so long as it remains regional.

“We would prefer, in any case, that this goes national. It should be a national program,” Meir said.

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