Climate 411

New Mexico is off course for reaching its climate goals, but there’s enormous opportunity for action

New Mexico communities know the stakes for climate change are high — hotter and drier conditions threaten public health, livelihoods, and cultural and recreational resources, as they lead to increased drought, extended and more extreme wildfire seasons, and extreme heat. Those impacts are projected to get much worse in the coming decades, without serious and urgent action to slash climate pollution. It’s why polls underscore that the majority of New Mexico voters support strong action on climate change.

Governor Lujan Grisham has made bold, science-based climate commitments and both the legislature and regulators have adopted a number of important policies, but a new EDF analysis finds that with existing state and federal policies in place, New Mexico is projected to fall well short of achieving its 2025 and 2030 climate goals unless it takes aggressive climate policy action as soon as possible. The analysis also finds that the state’s current course will lead to far more cumulative emissions through the end of the decade — a critical metric that ultimately determines the severity of climate damages that our kids and grandkids may face.

While New Mexico is projected to face a glaring “emissions gap” — the distance between emission reductions the state has committed to and those it is projected to achieve — the opportunity to correct course with bold action has never been greater. With historic federal investments lowering the cost of clean energy, New Mexico can leverage this momentum to put in place strong limits on pollution that secure a safer climate future and grow a prosperous, equitable clean energy economy.

Here’s what you need to know about this analysis:

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Also posted in Cities and states, Greenhouse Gas Emissions, News, Policy / Comments are closed

Washington state’s carbon market continues to raise major investments, as state leaders consider linking to California-Quebec market

Results were released today for Washington’s third quarterly cap-and-invest auction, which was held on August 30th. The results from this sold-out auction continue to demonstrate strong demand for allowances in this program, which has brought in significant revenue for the state of Washington to reinvest in its communities. These results follow on two previous sold-out quarterly auctions, as well as an auction from the Allowance Price Containment Reserve last month which raised an additional $62,491,660 while functioning as a market stabilizing feature. In total, these auctions have generated $919,564,777 for Washington communities.

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Also posted in California, Cities and states, Economics, Energy, Greenhouse Gas Emissions, Health, Policy / Read 1 Response

Washington state’s cap-and-invest program demonstrates cost containment features with special August auction

Yesterday, the Washington State Department of Ecology (Ecology) released the results from Washington’s first Allowance Price Containment Reserve (APCR) auction, held on August 9th. At this auction, all 1,054,000 of the available APCR allowances were sold at the two APCR tier prices of $51.90 and $66.68, with 527,000 allowances available at each price tier. This auction, along with two previous sold-out cap-and-invest auctions, shows continued strong demand for allowances under Washington’s cap-and-invest program and demonstrates the important role that an APCR can play in building predictability and stability into allowances prices.

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Also posted in California, Cities and states, Economics, Energy, Greenhouse Gas Emissions, Health, News, Policy / Comments are closed

To make nature financing more equitable, we must understand how NCS credits are used

This blog was authored by Julia Ilhardt, former High Meadows Fellow, Global Climate Cooperation. 

sunset over a forest

At the end of last year, 196 nations agreed to the historic Global Biodiversity Framework, which includes the goal to protect 30% of land and sea area by 2030. Still, nature is woefully underfinanced, with investments in nature-based solutions needing to double to USD 384 billion per year by 2025, according to UNEP. 

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Also posted in Economics, Forest protection, News, REDD+ / Comments are closed

4 ways California should strengthen its cap-and-trade program

This blog was co-authored by Mary Catherine Hanafee LaPlante, Intern, U.S. Climate Policy

As the hottest summer on record scorches the state, California leaders are working to tackle the impacts of climate change head-on by strengthening an essential tool in their climate policy toolbox: the state’s cap-and-trade program.

Last year, the California Air Resources Board (CARB) finalized its Scoping Plan for Achieving Carbon Neutrality which recognized the importance of accelerating action this decade to put the state on track to achieve net-zero emissions by 2045 as well as 85% reductions below the 1990 level. Specifically, the Scoping Plan highlights that California needs to exceed its near-term goal and achieve 48% reductions below 1990 by 2030.

To reach these critical goals, CARB is evaluating potential amendments to its cap-and-trade program. With two workshops on the books, CARB is already making significant strides towards fortifying the program.

Here are four key opportunities for the state to strengthen the cap-and-trade program:

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Also posted in California, Cities and states, Economics, Energy, Greenhouse Gas Emissions, Health, Policy / Comments are closed

New York is poised to elevate its climate leadership with ambitious cap-and-invest program

This blog was co-authored by Alex DeGolia, Director, U.S. Climate.

As Governor Hochul and her administration advance a major cap-and-invest program, a new EDF analysis on state emissions reveals how New York’s progress stacks up against its climate goals.

New York has done more to move from pledges to policy than most states, but our analysis finds that the state is still projected to face an “emissions gap” in 2030 — the gap between where emissions are headed under existing policy and where New York needs to be to reach its targets. While New York is not alone in facing an emissions gap, the state stands out for the concerted actions New York policymakers are taking to close this gap.

After finalizing New York’s climate plan late last year, Governor Hochul, state agency officials — led by the Department of Environmental Conservation (DEC) and NYS Energy Research and Development Authority (NYSERDA) — and New York legislators are diving in and actively working to implement the plan’s recommendations. Notable among these is the development of a cap-and-invest programa policy that can serve as a critical emissions backstop, offering maximum certainty that New York will reach its climate targets. Just as importantly, the Administration has expressed its commitment to put equity, job creation, and affordability at the center of the program — and it must deliver on this commitment as the program advances.

This is exactly the type of action that other states serious about reaching their climate goals should be taking.

Here’s what to know about the analysis and New York’s climate policy leadership.

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Also posted in Cities and states, Economics, Energy, Greenhouse Gas Emissions, Health, Policy, Science / Read 1 Response