A repost of Think Progress’ Brad Johnson over at Climate Progress has the details. Here is the big picture:
The Regional Greenhouse Gas Initiative (RGGI) is the carbon trading program of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont, which went into effect in 2008. There are governors’ races in all these states except New Jersey and Delaware.
“Overall, there have been nine auctions held by RGGI since 2009, in which electric utilities and some investment firms have bought emissions allowances. And those auctions have raised some $729 million for a range of emissions-reduction and energy-efficiency programs — benefiting both homeowners and industrial users — as well as financing an occasional raid to balance a state’s general budget,” said Stateline’s Rob Gurwitt.
The U.S.’s first carbon trading market has been up and running successfully for a couple of years. The Republican Teabagger candidates across the northeast are against any such program, of course. They would much prefer we continue to shovel as much of the public’s hard-earned money into the bottomless pits of profit of private dirty energy corporations while socializing the costs of pollution back onto the public.
Instead of shutting this successful market down, it should be expanded across the country. Aren’t Republican Teabaggers in favor of letting markets have their freedom? If this were going to fail, wouldn’t it have done it already? Hopefully the good citizens of these states don’t agree that we should all wait until global warming’s effects are in full force because if we do, it will be too late to act.