Today the Partner jurisdictions of the WCI released a comprehensive strategy designed to reduce greenhouse gas (GHG) emissions, stimulate development of clean-energy technologies, create green jobs, increase energy security, and protect public health. The Design for the WCI Regional Program is a plan to reduce regional GHG emissions to 15 percent below 2005 levels by 2020. The plan is the culmination of two years of work by seven U.S. states and four Canadian provinces and builds on the recommendations for a regional cap-and-trade program that the Partners released in September 2008.
The emission reductions are achieved through a new market-based system that caps GHG emissions and uses tradable permits to incentivize low-carbon energy sources and through encouraging emission reductions in industries not covered by this cap. A recently-updated economic analysis by the Partner jurisdictions shows that the plan can achieve the regional GHG emissions reduction goal and realize a cost savings of approximately US $100 billion by 2020.
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