RGGI participation would bring $930M in investment, save Pennsylvanians $1.5M on energy costs
Today, in response to the report from Governor Josh Shapiro's Regional Greenhouse Gas Initiative (RGGI) Working Group, Evergreen Action Deputy State Policy Director Julia Kortrey released the following statement:
“We're glad to see the results of this working group become public as Pennsylvania makes critical decisions on clean energy and climate policy. The Working Group correctly states that a ‘form of cap and invest’ that bolsters the clean energy economy is ‘optimal’ for Pennsylvania. It's clear that the Commonwealth would benefit the most from full participation in RGGI as soon as possible. It’s vital we continue to build upon the progress that Gov. Tom Wolf began in 2019 by entering Pennsylvania into RGGI.
“Participating in RGGI is a huge winner for the Keystone State: It will lower energy costs for residents and businesses by $1.5 billion and bring in nearly $1 billion more in federal funding. Full participation in RGGI clearly meets Governor Shapiro’s three-part test of protecting jobs, tackling climate change, and ensuring affordable power. Now is the time for Pennsylvania leaders to move forward to help lower utility bills, address climate change, and bring new jobs to the Commonwealth.
“Pennsylvania can and should engage in conversations with neighboring states on energy policy, as the Working Group suggests. However, it would be bad for Pennsylvanians to base the Commonwealth’s energy policy on the policies of climate-denying governors in Ohio and West Virginia. Pennsylvania communities have already lost an estimated $1.5 billion in investment from delayed implementation of RGGI and are missing the opportunity to leverage hundreds of millions in additional federal funds. Pennsylvania should take action on climate and clean energy jobs now because it’s a clear winner for Pennsylvania’s economy.”
RGGI is a cap-and-invest system for the region’s power sector and supports efforts to help residents, companies, and communities invest in clean energy, energy efficiency, and other efforts to reduce pollution.
Earlier this year, Synapse Energy Economics issued findings from a report independently produced for Evergreen Collaborative and Ceres exploring the economic benefits of Pennsylvania’s participation in RGGI. The Synapse report finds that Pennsylvania’s participation in RGGI will result in:
- An estimated $1.5 billion reduction in energy costs for Pennsylvania’s residents, businesses, and industrial sector.
- A net decrease of $24 annually for the average household in utility bills.
- $930 million of additional federal funding coming to Pennsylvania through IRA tax credits for solar, wind, and storage projects.
RGGI will help Pennsylvania meet Gov. Josh Shapiro’s goal of achieving 30 percent renewable electricity by 2030 and net-zero emissions in the state by 2050.