The Northeast’s cap-and-trade program generated $1.3 billion in economic benefits for participating states over the last three years. The Regional Greenhouse Gas Initiative (RGGI) also created an estimated 14,200 years’ worth of full-time employment between 2012 and 2014, and it cut residents’ electricity and heating bills by a total of $460 million. That’s according to a new analysis by a group that is creatively named Analysis Group, one of the largest economic consulting firms in the country.
In addition to spurring the economy in the participating states — Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont (Chris Christie pulled New Jersey out) — the system is succeeding at its primary goal: fighting climate change. CO2 emissions in participating states have fallen by about a third since 2009, when the carbon-trading system went into effect
So much for the argument that cutting greenhouse gas emissions hurts the economy.
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