One of the key features of the Regional Greenhouse Gas Initiative is that most of the proceeds from its carbon auctions are reinvested in energy efficiency and renewable energy programs.
RGGI and its supporters have long argued that this feature has allowed states to reduce carbon emissions with both an emissions cap and programs funded by the auction proceeds. They have lauded the programs for stimulating economic development and building a so-called clean energy economy.
RGGI supporters are now concerned, however, that the transfer of RGGI proceeds to other programs in New York state and a proposal to redirect RGGI funds in Connecticut is weakening that core principle of the cap-and-trade program. They describe the use of RGGI proceeds for other programs as a “raid” on RGGI funds.
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