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.
Climate 411
Washington state’s cap-and-invest program demonstrates cost containment features with special August auction
Pennsylvania needs to act now to build our future clean energy economy
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The aerial scenic view of the elevated highway on the high bridge over the Lehigh River at the Pennsylvania Turnpike. Lehigh Valley, Poconos region, Pennsylvania, USA. Photo credit: Getty Images.
Pennsylvania has a long history of energy production, stretching as far back as the late 1700s. A central role in fossil fuels, however, is rooted in Pennsylvania’s past, not its future.
The state is poised to become a leader in our nation’s transition to a clean, resilient zero-pollution economy. Pennsylvania will take an important step by joining the Regional Greenhouse Gas Initiative (RGGI), a multistate program under which power companies are obliged to pay for the pollution they create and must reduce pollution over time.
RGGI will provide hundreds of millions of dollars annually from auctions which can be used to fund projects that reduce air pollution and energy costs, like energy efficiency, and for the deployment of renewable energy. RGGI, coupled with the Bipartisan Infrastructure Law (BIL) and the Inflation Reduction Act (IRA), now celebrating its one-year anniversary, create a golden opportunity for Pennsylvania to become a trailblazer in the new energy economy and turn the page on its fossil fuel past. Indeed, states with strong climate policies will see greater uptake of these once-in-a-generation economic growth opportunities.
Pennsylvania is only beginning to see the funding flowing from these unprecedented federal investments. Here are three examples highlighting how the Biden administration’s clean energy plan is having an impact:
IRA across the USA: 5 communities winning clean energy manufacturing jobs
A year since the Inflation Reduction Act (IRA) was signed into law, this historic climate legislation has already led to $278 billion in private investment that will support more than 170,000 clean energy jobs across the country.
And the work is just getting started.
Manufacturing incentives in the law, which encourage companies to build the clean energy supply chain here in the U.S., are creating manufacturing jobs and new economic opportunities for communities. According to the BlueGreen Alliance, the IRA will spur an estimated 900,000 U.S. manufacturing jobs over the next decade. The law also pairs incentives with labor standards that protect and prepare workers by requiring fair wages and apprenticeships.
Get to know some of the towns and communities around the country that are winning these major manufacturing investments and getting ready to build the clean energy technologies that will power our future.
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.
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.
New data shows Arizona EV jobs and investments Are soaring
This post was written by EDF’s Ellen Robo
One year ago this month, the Inflation Reduction Act put the pedal to the metal for investments in electric vehicle manufacturing – and it shows no sign of letting up.
In fact, U.S. EV investments are still growing at a breakneck pace.
Navigating the Core Carbon Principles and the Landscape of Guidance Toward a High-Integrity Carbon Market
This blog was authored by Jordan Faires (Manager at EDF+Business) and Pedro Martins Barata (Associate Vice President for Carbon Markets and Private Sector Decarbonization).
The voluntary carbon market is an essential tool to advance net zero progress. The market can help us channel much-needed finance to drive climate action, conserve vital ecosystems, and support sustainable development and livelihoods in local communities. However, one of the leading challenges for companies is differentiating high-integrity carbon credits in a crowded marketplace. New integrity guidance is shedding light on how companies can make the highest impact investments to complement their sustainability commitments.