All articles tagged with #cap and trade
Virginia’s return to RGGI is driving a spike in carbon allowances, risking higher Northeast electricity bills as data centers and gas prices push wholesale costs; states weigh using auction revenue for relief and efficiency, while Republicans attack affordability and Democrats defend reliability and renewables investments.
Gov. Kathy Hochul proposes changes to New York's Climate Leadership and Community Protection Act that would soften near-term reductions by reworking emissions calculations (including a longer 100-year horizon and removal of upstream emissions), delaying rulemaking to 2030 while keeping the 2030 reduction target, and aligning accounting with other states; the plan aims to reduce costs and preserve affordability but has drawn criticism from environmentalists and some lawmakers who warn it could slow decarbonization, with funding for climate programs and potential interim targets as part of the package.
California is considering rolling back some environmental laws to counteract federal changes, while also debating increased investment in electric vehicle incentives using cap-and-trade revenues, despite funding conflicts and existing commitments.
Despite the Trump administration's plans to cut $4 billion in funding for California's high-speed rail project, Democratic support remains strong, bolstered by state funding sources and labor union backing, while Republican critics see the project as a failure.
The Washington Department of Ecology's second quarterly auction of emissions allowances under the cap-and-trade program saw a 60% increase in money raised from $300 million to $480.5 million. The auction is part of the state's cap-and-trade program, which requires companies that emit greenhouse gases over a certain threshold to purchase allowances held during quarterly auctions. As a result of the latest auction, the program had added a total of $.45 cents per gallon to the price of gas and $.54 per gallon to the price of diesel.