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RGGI Form CA-1 4E - Project Sponsor Agreement Regional Greenhouse Gas Initiative Eligible Offset For

RGGI Form CA-1 4E - Project Sponsor Agreement Regional Greenhouse Gas Initiative Eligible Offset For 2025

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The document is a Project Sponsor Agreement (Form CA-1.4E) for a CO2 offset project under the CO2 Budget Trading Program in New York. It outlines the responsibilities of the Project Sponsor, including compliance with regulations, legal rights to the project, and authorization for audits by the department. The agreement emphasizes that eligibility for CO2 offset allowances depends on meeting specific requirements.

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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).

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 is the Greenhouse Gas Protocol Initiative GHG Protocol?

Greenhouse Gas Protocol provides the worlds most widely used greenhouse gas accounting standards for companies. Greenhouse Gas Protocol provides standards and tools that help countries and cities track progress toward climate goals. In 2023, 97% of disclosing SP 500 companies reported to CDP using GHG Protocol.

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.

How does the Regional Greenhouse Gas Initiative work?

By requiring utilities to pay for their carbon dioxide from burning polluting fossil fuels, RGGI creates a financial incentive for utilities to invest in clean energy, including energy efficiency, solar and wind, and generates real money for states to tackle the impacts of climate change being felt at home.

Is RGGI a carbon market?

RGGI is the first mandatory market-based emissions trading program in the U.S. to reduce CO2 emissions, and the first anywhere to use the cap-and-invest model for reducing pollution. In New York State, RGGI is implemented by DEC through 6 NYCRR Part 242, CO2 Budget Trading Program .

RGGI Form CA-1 4E - Project Sponsor Agreement Regional Greenhouse Gas Initiative Eligible Offset For 2025

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