New York Engages to Promote a North American Carbon Market
Governor Cuomo also signed the Under2MOU, an international agreement by states and regional governments that outlines their commitment to keep an increase in the earth’s average temperature to 2°C by 2100.
New York is a member of RGGI, a regional cap-and-trade market with eight other states that was launched in 2009 to regulate emissions in the electricity sector. The RGGI states have committed to a regional emissions reduction target of 50% below 2005 levels by 2020. New York has also pledged to reduce emissions by 40% below 1990 levels by 2030 and 80% by 2050. The WCI is also a regional collaboration of US states and Canadian provinces that aim to develop a joint strategy to reduce greenhouse gas emissions via a regional cap-and-trade program.