The need for a better, more eco-friendly future is imminent. Individuals and government authorities are increasingly aware of the consequences of climate change, as we have seen from just this past summer. Now more than ever, we recognize the urgency of embracing more sustainable habits and implementing cleaner transportation solutions. A10 is proud to have helped contribute to the solution by facilitating an award to a leading U.S. manufacturing client to implement a new ride-share service for underserved communities.
Relentlessly Increasing Greenhouse Gas Emissions
According to the Environmental Protection Agency (EPA), 28% of greenhouse gas emissions come from the transportation industry – which is powered 94% by petroleum. These emissions tend to be linked directly to economic activity. Since the end of the COVID-19 shutdown, transportation emissions are up 7%.
Meanwhile, the Intergovernmental Panel on Climate Change asserts that greenhouse gases continue accumulating, potentially damaging natural habitats across the planet. Publications like National Geographic commonly recommend that Americans reduce driving and other fossil-fuel-reliant activities, plant trees, engage in meaningful recycling, and use less electricity. Individual action alone is necessary but not sufficient.
A More Impactful Solution
The Regional Greenhouse Gas Initiative (RGGI), created in 2007 by ten northeastern states to reduce greenhouse gas emissions from the power sector, is designed to broaden the effect of reduced use and have a more noticeable impact on climate change.
RGGI is the country’s first mandatory market-based regulatory effort to reduce greenhouse gas emissions. Through implementing state budgets and trading programs for CO2, RGGI is a mechanism to support states to reduce emissions. RGGI can maintain and share data related to CO2, implement a CO2 auction, help states with offset projects, and provide states with advice and counsel on reducing carbon emissions.
Because of RGGI, 21 projects have been created in recent years through $274 Million in Strategic Energy and Consumer Benefits Programs. RGGI predicts that businesses will recuperate over $1.2 billion in energy savings and prevent 4.4 million tons of CO2 from entering the atmosphere. Since its inception, RGGI estimates that it has contributed to reducing emissions by over 50%, double the nation’s overall effort, and has raised over $6 billion for local communities.
Secured Funding and a Cleaner Environment with Support from A10
The New Jersey Department of Environmental Protection actively participates in RGGI and has leveraged over $70 million in RGGI auction proceeds to reduce emissions in the state through electric vehicles and equipment for underserved communities. Last April, A10 Associates helped secure a $7 million award for a leading U.S. manufacturing client to implement a new ride-share service in New Jersey for underserved communities.
Providing this ride-share service statewide to citizens who might not otherwise be able to afford transportation while providing cleaner automobiles is an ideal use of the RGGI auction funding. This program provides a viable solution for all citizens, regardless of their socio-economic status, to actively participate in reducing emissions.
Market-Based Strategies from Empowered States
The New Jersey program is an example of the flexibility given to states to allocate auction proceeds for good – illustrating the strength and importance of RGGI. Regardless of politics, RGGI provides a market-based approach to carbon trading, empowering states to make decisions on ways to help citizens and the environment.
Every state participating in RGGI has made unique and impactful investments in energy efficiency, renewable energy, and beneficial electrification. For example, recent projects in Connecticut, Maine, New York, Rhode Island, and Vermont are focused on energy efficiency, while Delaware and Maryland are developing renewable energy. Meanwhile, New Hampshire is dedicated to direct bill assistance, while New Jersey is focused on clean and equitable transportation.
The facts show that RGGI is successful: RGGI has reduced carbon emissions and encouraged investment in energy efficiency across the northeastern U.S. By assisting a client in participating in this program through the New Jersey Department of Environmental Protection, A10 Associates is proud to support RGGI and NJDEP in this important initiative to bring clean and equitable transportation to all New Jersey citizens.
Contact the A10 Associates team today if you’d like to know more about how we can help you secure federal, state, or local funding for your organization.
