Air Pollution Control Regulation No. 46, 'CO2 Budget Trading Program'
|Title||250||Department of Environmental Management|
|Subchapter||05||Air Pollution Control|
|Part||46||Air Pollution Control Regulation No. 46, 'CO2 Budget Trading Program'|
|Type of Filing||Amendment|
|Regulation Status||Proposed View Active Rule|
|Filing Notice Date||10/12/2018|
|Filing Hearing Date(s)||10/25/2018
|Public Comment Dates||10/12/2018 to 11/12/2018
Regulation Authority :
R.I. Gen. Laws § 42-17.1-2(19)
R.I. Gen. Laws Chapters 23-23
R.I. Gen. Laws Chapters 23-82
R.I. Gen. Laws Chapters 42-35
Purpose and Reason :
The Regional Greenhouse Gas Initiative (RGGI) is composed of individual CO2 Budget Trading Programs in each RGGI participating state. Each participating state’s current CO2 Budget Trading Program is based on the RGGI Updated Model Rule (2013), which was developed to provide guidance to states for implementation of the RGGI program. Every 3-5 years, the RGGI participating states complete a Program Review, which is a comprehensive evaluation of program successes, program impacts, the potential for additional reductions, imports and emissions leakage, and offsets. The 2008 RGGI Model Rule was revised in 2012 as a result of the 2012 Program Review. In December of 2017, after completing the 2016 Program Review, the RGGI Model Rule was amended again. As a result of the 2016 Program Review process described above, the Department of Environmental Management proposes to amend the Rhode Island CO2 Budget Trading Program regulations to incorporate the changes made to the RGGI Model Rule including the size and structure of the cap, budget adjustments, cost containment reserve, emissions containment reserve and offsets.