The 2020 law requires Virginia to stay in the RGGI, and this law should not be brushed aside. In addition, the RGGI works for Virginians. Since joining RGGI, Virginia’s power plant emissions have consistently decreased, dropping 16.8% overall as compared to 2020 pre-RGGI levels. These recent reductions follow a decade without the RGGI, where Virginia’s emissions were “fairly constant” with “no discernible trend”. (See EPA’s Clean Markets Air Program Data and  Virginia Carbon Trading Rule and Regional Greenhouse Gas Initiative (RGGI) Participation, Costs and Benefits, DEQ (Mar. 11, 2022)).  In just six years, participating states realized $5.7 billion in public health benefits thanks to the RGGI. I want VA to see these benefits. Virginia’s participation in the RGGI generates funds that are: (a) providing safe, affordable, and energy-efficient homes to low-income families in ways that were never possible before RGGI. Staying in the RGGI at least through 2030 could upgrade 130,000 homes, saving $89 million annually with average annual savings of $676 per household, and sustaining more than 2,000 jobs. (b) providing dedicated funding to localities to plan for and prevent recurrent flooding. There is a massive need for this funding. Flooding damages, for example, will cost the state $79.1 billion if left unchecked. (c) RGGI helps protect utility customers from high bills. RGGI ensures that power plant owners steadily reduce reliance on fossil fuels, protecting customers from these volatile commodities. 

The bottom line is that staying in the RGGI is a legal requirement and RGGI participation benefits Virginians. Virginia must continue participation in the RGGI.