|Action||Repeal CO 2 Budget Trading Program as required by Executive Order 9 (Revision A22)|
|Comment Period||Ended on 3/31/2023|
Pulling Virginia out of RGGI, as Gov. Youngkin wants, will strip away critical funding that local governments need as they wrestle with rising seas, flooding caused by sudden downpours, and extreme heat that are the byproducts of a warming climate. There is no alternate funding. Through its innovative cap-and-trade auction system, electric power plants are switching from dirty coal and natural gas to clean, renewable power.
Auctions benefiting Virginia have generated $524 million to date with 50% going to low-income energy efficiency and weatherization programs and 45% to the Community Flood Preparedness Fund. RGGI also offers considerable attention to lower income areas, ameliorating some of the issues they continue to wrestle with. This has been, and should continue to be, an area in which Virginia has been a leader.