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Why have greenhouse emissions in RGGI states declined? An econometric attribution to economic, energy market, and policy factors

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  • Murray, Brian C.
  • Maniloff, Peter T.

Abstract

The Regional Greenhouse Gas Initiative (RGGI) is a consortium of northeastern U.S. states that limit carbon dioxide emissions from electricity generation through a regional emissions trading program. Since RGGI started in 2009, regional emissions have sharply dropped. We use econometric models to quantify the emissions reductions due to RGGI and those due to other factors such as the recession, complementary environmental programs, and lowered natural gas prices. The analysis shows that after the introduction of RGGI in 2009 the region's emissions would have been 24% higher without the program, accounting for about half of the region's emissions reductions during that time, which were far greater than those achieved in the rest of the United States.

Suggested Citation

  • Murray, Brian C. & Maniloff, Peter T., 2015. "Why have greenhouse emissions in RGGI states declined? An econometric attribution to economic, energy market, and policy factors," Energy Economics, Elsevier, vol. 51(C), pages 581-589.
    • Handle: RePEc:eee:eneeco:v:51:y:2015:i:c:p:581-589
    DOI: 10.1016/j.eneco.2015.07.013
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    6. Chevallier, Julien, 2011. "A model of carbon price interactions with macroeconomic and energy dynamics," Energy Economics, Elsevier, vol. 33(6), pages 1295-1312.
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    More about this item

    Keywords

    Climate policy; Cap-and-trade; Policy design;
    All these keywords.

    JEL classification:

    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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