The Virginia Chamber of Commerce supports energy policies that ensure competitive rates and attract economic development. With more than 29,000 members, the Virginia Chamber is one of the largest business advocacy organizations in the Commonwealth. The Chamber’s approach to energy policy is defined by our strategic plan, Blueprint Virginia 2030, which seeks to ensure the Commonwealth is a leader in the global economy and that Virginia remains a top state for business. Developed with input from more than 7,000 business leaders, Blueprint Virginia highlights the need for energy solutions that are sustainable, reliable, and affordable.

Unfortunately, the Regional Greenhouse Gas Initiative (RGGI) is not consistent with these goals. While the Virginia Chamber believes the goals of RGGI are admirable, the initiative creates an unnecessary regulatory burden for businesses already taking great strides to implement environmentally friendly and sustainable energy policies in their regular operations. RGGI is indifferent to the changes and improvements ratepayers make to reduce their energy usage or carbon footprint—utility customers are required to pay RGGI costs on all electric bills. In short, RGGI is a tax on electric ratepayers at a time when the cost of energy has never been higher.  

A key component to growing Virginia’s economy is competitive electric rates. Simply, the costs associated with RGGI create an economic disincentive for energy-intensive industries to expand or locate facilities in Virginia. Energy-intensive industries, including manufacturing, construction, agriculture, and information technology are among the most important to Virginia’s economy. Virginia’s continued participation in RGGI means businesses in these industries will gravitate toward states with less burdensome energy policies, such as North Carolina and Georgia, thereby depriving Virginia of additional revenues and high-paying jobs.

Finally, energy consumption in Virginia will continue to rise, reflecting an increase in population, economic growth, and electrification of the transportation system. For the Commonwealth to be economically competitive, Virginia must invest in energy policies that generate an ample supply of affordable energy and strengthen our electric grid in the least burdensome manner. The Virginia Chamber believes the environmental goals of RGGI can be achieved without imposing the cost of the program on all electric ratepayers.

Economically and environmentally, Virginia will be best positioned for success without the regulatory burden imposed by RGGI. For these reasons, the Virginia Chamber of Commerce supports the decision of the Air Pollution Control Board to withdraw from the Regional Greenhouse Gas Initiative.