案例库 · 战略与领导 · 战略决策 · 2008–2012
这条还没译成中文，下面是英文原文。
RGGI auctioned carbon permits from day one, and emissions fell 48%.
The first US cap-and-trade to auction almost all allowances used quarterly regional auctions and reinvested proceeds; power-sector CO2 fell 48% by 2016–2018.
RGGI, Inc.
那一手
When ten northeastern U.S. states agreed in 2005 to cap power-sector carbon dioxide, the first design question was how to distribute the allowances. Free allocation hands the scarcity value to incumbent emitters; RGGI instead chose to auction almost all of them at quarterly regional auctions, with the proceeds going back to the states.
The cap covers fossil-fuel plants above 25 megawatts, which must hold an allowance for every ton of CO2 they emit. Because nearly all allowances are auctioned, the program produced a real price signal from day one, and the states reinvested the proceeds in energy efficiency, renewables, and consumer bill programs.
The results were measured: average emissions from RGGI generation sources fell 48 percent between 2006–2008 and 2016–2018, and the states saw a net economic benefit of $4.7 billion over 2009–2017. Econometric work found RGGI itself was the dominant factor in the decline, ahead of the recession and cheaper gas.
为什么管用
- Auctioning from day one priced the cap without relying on free-allowance trading.
- Reinvested proceeds funded the efficiency programs that cut demand further.
- Quarterly auctions gave compliance entities a predictable, transparent market.
- The measured 48 percent decline made auction-based cap-and-trade credible to other states.
可以搬走什么
When you create a tradable right, auction it: the auction reveals a price, the state captures the scarcity value, and earmarked proceeds build the constituency that defends the cap.
后来呢
RGGI expanded to more states over time, and its auction-plus-reinvestment model became the template for carbon markets in California and beyond. The program's own accounting shows proceeds invested in energy efficiency and bill assistance, and studies continue to attribute a large share of the region's power-sector emissions decline to the auction mechanism itself.
资料来源
- Regional Greenhouse Gas Initiative (RGGI)
- Why Have Greenhouse Emissions in RGGI States Declined? An Econometric Attribution to Economic, Energy Market and Policy Factors
- Investments of Proceeds
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