According to the New York Times, a study has indicated the Regional Greenhouse Gas Initiative, which involves 10 states in carbon dioxide cap-and-trade system, has been successful in stimulating job growth, saving consumers money, and boosting local economies.
During the initiative, coal and natural gas power plant owners in all six New England states, as well as Delaware, Maryland, New Jersey and New York paid in $912 million to the program, which was used for funding energy efficiency improvements and environmental restoration projects. With the success of this initiative on the east coast, here are some facts about cap-and-trade:
* Cap-and-trade programs are environmental policy tools that can be economically beneficial while limiting certain types of air emissions and increasing efficiency, according to the Environmental Protection Agency.
* These types of programs are not limited to carbon dioxide and can also include air pollutants like nitrogen dioxide and sulfur dioxide.
* There have been successful cap-and-trade programs in the U.S., including the Acid Rain Program, an initiative that aims to achieve environmental and public health benefits by reducing air pollutants that contribute to acid rain.
* President Barack Obama has continued to push for a national carbon cap-and-trade plan, reported Bloomberg Businessweek.
* The president's cap and trade proposal included reducing U.S. emissions and raising $646 billion from 2012 to 2019 by auctioning off the rights to emit carbon dioxide to companies.
* Obama's proposal has received intense criticism for costing American taxpayers $200 billion, which is about $1,761 extra per household, and possibly hurting the economy in a time where the economy is hurting, reported CBS News.
* The Huffington Post reported that cap-and-trade has been largely implemented in the European Union to limit carbon emissions.
* Currently the EU's program involves power plants and large factories, but the program will be extended to airlines flying to and from Europe next year.
* According to the Los Angeles Times, last month, California became the first state to adopt a cap-and-trade program when the California Air Resources Board approved the measure.
* California's cap-and-trade program will help the state achieve its own goals for reducing greenhouse gas emissions and address climate change concerns by allowing industries to trade carbon credits.
* The Washington Post reported that if California's new cap-and-trade plan, with its goals to reduce carbon dioxide emissions 25 percent below 1990 levels by 2020, proves to be successful, they could lead by example and help push other states and even the federal government to adopt cap-and-trade programs.
Rachel Bogart provides an in-depth look at current environmental issues and local Chicago news stories. As a college student from the Chicago suburbs pursuing two science degrees, she applies her knowledge and passion to both topics to garner further public awareness.
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