RGGI (pronounced "reggie") is a market-based program with 11 participating states that both generates new funds and reduces electricity sector emissions. Virginia joined RGGI in 2020 pronounced ‘reggie’) and established the Virginia Community Flood Preparedness Fund (CFPF).

Virginia's money raised through the program is directed 50% to low-income energy efficiency programs, 45% to the CFPF, and 5% to administrative costs.

The first year Virginia was in RGGI, the Commonwealth received $228 million from RGGI auctions, which is being used to create more energy-efficient, affordable housing units, help low-income families reduce energy bills, and enhance community flood prevention and protection.