PROVIDENCE – Rhode Island’s economic growth increased $77 million from the Regional Greenhouse Gas Initiative, according to an analysis by Environment Northeast.
The report, released Monday, tracked economic growth and employment impacts of the RGGI on the economies of participating states.
In Rhode Island, RGGI-funded investments are on track to add roughly $77 million in net economic value – even when accounting for power plant losses from reduced sales – according to the report.
The increase in growth generated 630 job years across Rhode Island. A “job year” was described as full time employment for at least a year.
According to the release, RGGI could generate an additional $405 million in net economic value and more than 3,300 job years of employment in Rhode Island if the Ocean State strengthened its RGGI program to account for decreased emissions.
“RGGI is a catalyst of economic growth,” ENE’s Carbon Markets Policy Analyst Peter Shattuck said in prepared remarks. “Rhode Island’s RGGI-funded investments in energy efficiency keep money in the state and reduce fossil fuel imports, and less money leaving the region means more growth at the local level.”