|Action||Repeal CO 2 Budget Trading Program as required by Executive Order 9 (Revision A22)|
|Comment Period||Ended on 3/31/2023|
The RGGI is a reasonable, scientific and financially responsible approach to our state taking action to slow climate change and the damage to our economy, and the health of our citizens and environmental resources. By making polluters take financial responsibility for what we economists call "externalities" they have a market-based incentive to reduce pollution by efficiently internalizing costs into products and service - for which surveys (e.g., McKinsey and Nielsen IQ Report*) indicate majority support. My understanding is that the RGGI has already produced about a half billion dollars for public goods such as flood preparedness (climate impacts on coastal property and military sites) and assisting low-income communities with energy efficiency to reduce costs that are disproportionate based on income. The only downside to keeping Virginia in the RGGI is this does not endear our governor to MAGA extremists for the 2024 GOP primaries.
*Companies with products backed by ESG-related claims averaged 28% growth over the five-year survey period versus 20% of products with no ESG claims.