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ESG Currents

RGGI, the 'Quiet Giant' of Carbon Markets

Nov 8, 2023
The podcast discusses the Regional Greenhouse Gas Initiative(RGGI), a successful carbon market that aims to eliminate 66% of CO2 emissions from utilities in Northeastern states. They explore the market structure of RGGI, potential expansion into other industries like transportation, and the distinction between allowances and offsets in decarbonization. Additionally, they highlight the importance of long-term decarbonization targets and provide a summary of key points.
37:05
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Quick takeaways

  • RGGI has successfully reduced CO2 emissions by 53% in the utility sector, surpassing the national average reduction of 30-35%.
  • Around 90% of the proceeds from RGGI auctions are reinvested in decarbonization efforts, primarily energy efficiency projects.

Deep dives

Overview of REDG Market Structure

REDG has two markets: the primary auction market and the secondary market for excess allowances. Compliance entities can participate in the secondary market primarily through futures contracts. The secondary market provides liquidity and allows compliance entities to meet their obligations.

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