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RGGI Form MV-1 4B - Project Sponsor Statement Regional Greenhouse Gas Initiative Eligible Offset For

RGGI Form MV-1 4B - Project Sponsor Statement Regional Greenhouse Gas Initiative Eligible Offset For 2025

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The document is a Project Sponsor Statement confirming compliance with 6 NYCRR Subpart 242-10 for an offset project. It asserts the sponsor's legal rights to the project, authorizes audits by the department, and emphasizes the importance of adhering to specified requirements for CO2 offset allowances.

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What does RGGI cover?

The Regional Greenhouse Gas Initiative (RGGI) is a regional emissions reduction initiative aimed at reducing CO2 emissions, which contribute to climate change, from power plants in the region. The region includes 11 states in the northeast that all agree to participate in reducing CO2 emissions through the initiative.

What are the requirements for RGGI?

RGGI CO2 budget sources are required to possess CO2 allowances equal to their CO2 emissions over a three-year control period. Sources must also hold allowances equal to 50 percent of their emissions during each interim control period (the first two calendar years of each three-year control period).

Is RGGI the US federal cap-and-trade program?

RGGI is the first mandatory cap-and-trade program in the United States to limit carbon dioxide emissions from the power sector. Californias program was the first multi-sector cap-and-trade program in North America.

Who benefits from RGGI?

Programs funded with RGGI investments have benefited local businesses, low-income communities, industrial facilities, and households throughout the region.

How does the RGGI work?

How Does RGGI Work? RGGI is a market-based cap-and-invest initiative. Within the RGGI states, regulated power plants must acquire one RGGI CO2 allowance for every short ton of CO2 they emit. The RGGI states distribute allowances at quarterly auctions, where they can be purchased by power plants and other entities.

What is the regional greenhouse gas initiative RGGI model rule?

RGGI is a cooperative effort between participating states. Each state establishes an individual CO budget trading program based on the RGGI Model Rule. Covered sources in each participating state can surrender allowances issued by any participating state for compliance and participating states use joint auctions.

Who does RGGI apply to?

The Regional Greenhouse Gas Initiative (RGGI) is a cooperative effort among the states of Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont to cap and reduce power sector CO2 emissions.

How successful is RGGI?

RGGI has been successful in reducing emissions and boosting investments in clean energy. The 11 states participating in RGGI have seen their fossil fuel emissions drop 90 percent faster than anywhere else in the country.

RGGI Form MV-1 4B - Project Sponsor Statement Regional Greenhouse Gas Initiative Eligible Offset For 2025

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