Cap and Trade Benefiting Economy in Massachusetts

 

Cap and trade is a process for curbing greenhouse gas emissions that involves capping emission limits for industries, and allows companies to trade unused emissions allowances as carbon credits with other companies. Massachusetts has adopted the process, often criticized as ineffective. And now, according to a recent study, cap and trade has created 3,800 jobs and nearly $500 million in economic activity for Massachusetts since 2008, reports Maria Gallucci at Inside Climate News. Massachusetts belongs to the Regional Greenhouse Gas Initiative, the first and only mandatory carbon emissions trading scheme in America, with 10 participating Northeast and Mid-Atlantic states. A report analyzing the scheme’s first three years found that Massachusetts benefited most economically, because it used the bulk of its money to help fund its aggressive energy efficiency agenda. “Energy efficiency investments have a much bigger multiplier effect than any other category of spending,” said Paul Hibbard, vice president of the consulting firm that prepared the report. When homeowners and businesses used these dollars to retrofit and weatherize buildings, they not only ended up saving on energy costs and spending money elsewhere in the economy—they also put contractors and installers to work.

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Cap and Trade Gives Massachusetts Economy Critical Boost, Defying Naysayers New report on a ten-state initiative to reduce greenhouse gas emissions shows the program is a success after three years. by Maria Gallucci, InsideClimate News

 

See also: New Analysis Quantifies Economic Impact of Regional Greenhouse Gas Initiative in Ten States http://www.analysisgroup.com/RGGI.aspx

 

 

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Cap and trade is a process for curbing greenhouse gas emissions that involves capping emission limits for industries, and allows companies to trade unused emissions allowances as carbon credits with other companies. Massachusetts has adopted the process, often criticized as ineffective. And now, according to a recent study, cap and trade has created 3,800 jobs and nearly $500 million in economic activity for Massachusetts since 2008, reports Maria Gallucci at Inside Climate News. Massachusetts belongs to the Regional Greenhouse Gas Initiative, the first and only mandatory carbon emissions trading scheme in America, with 10 participating Northeast and Mid-Atlantic states. A report analyzing the scheme’s first three years found that Massachusetts benefited most economically, because it used the bulk of its money to help fund its aggressive energy efficiency agenda. “Energy efficiency investments have a much bigger multiplier effect than any other category of spending,” said Paul Hibbard, vice president of the consulting firm that prepared the report. When homeowners and businesses used these dollars to retrofit and weatherize buildings, they not only ended up saving on energy costs and spending money elsewhere in the economy—they also put contractors and installers to work.

Cap and Trade Gives Massachusetts Economy Critical Boost, Defying Naysayers New report on a ten-state initiative to reduce greenhouse gas emissions shows the program is a success after three years. by Maria Gallucci, InsideClimate News Read More

See also: New Analysis Quantifies Economic Impact of Regional Greenhouse Gas Initiative in Ten States

http://www.analysisgroup.com/RGGI.aspx

About melharte

Mel (Mary Ellen) Harte is a biologist (PhD) and climate change educator. She co-authored the free online book, COOL THE EARTH, SAVE THE ECONOMY, available at www.CoolTheEarth.US, and writes the CLIMATE CHANGE THIS WEEK column at the HuffingtonPost. Living summers in the alpine Rockies, she is on the frontlines of watching what climate change can do. Her diagnostic digital photographs of wildflowers have appeared in numerous publications.
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