马里兰州上限与投资计划设计要素（英）

Dallas Burtraw, Marc Hafstead, and Kevin Rennert J a n u a r y 2 0 2 6 We a p p r e c i a t e r e s e a r c h s u p p o r t f r o mE m m a D e A n g e l ia n d p e r m i s s i o n f o ru s e o f g r a p h i c s f r o mF r a n z L i t z. Policy changes have economicimpacts. But making the right decisions—the onesthat actually make people’s lives better—isnot always easy or obvious. That’s whereRFF comes in. How can we •advance a healthy environment andthriving economy, •equitably support people andcommunities, •and transition to cleaner energy options? Healthy Environment.Thriving Economy. Our core values: Balance As a nonprofit research institution,RFF’s mission is to improveenvironmental, energy, and naturalresource decisions throughimpartial Rigor Independence Respect RFF helps decisionmakers infour distinct ways. 1.Innovating to find effective, efficient,and equitable solutions RFF was founded in 1952 asAmerica’sfirst think tankdevoted exclusively tonatural resource and 2.Measuring the impacts, benefits, andcosts of competing options 3.Bringing people together to shareideas and find common ground Our team of economists andpolicy experts is consistentlyranked #1 globallyfor 4.Partnering with experts around theworld and serving as a convener oncrucial issues Maryland Gross Emissions by Source Maryland’s 2023 Greenhouse Gas Emissions Inventory Preliminary Assessment •Most emissions reductions have •Methane emissions are measuredwith the stringent 20-year global •Maryland’s Climate SolutionsNow Act calls for net-zero DOCUMENT ROADMAP How can cap-and-invest help achieve Maryland’s goals? Examples of cap-and-invest programs2 What are the key elements of a cap and invest for Maryland?3 What does cap and invest look like for a Maryland household?4 Lessons to build on5 A Simple Overview of an Emissions Cap-and-Invest Policy The state sets a maximum allowable “cap” on carbon dioxide (CO2) emissions. This cap declines overtime. •The cap can practically cover CO2emissions from fossil fuel combustion and some other greenhouse gases,totaling roughly 3/4 of the state’s total emissions. The state auctions “allowances” are valid for one ton of emissions. Firms must surrender oneallowance for each ton of emissions. Firms can trade or save (“bank”) allowances in a “carbon •The auction price provides an incentive for firms to reduce emissions, likely more cost effective than directregulation by government. Auction proceeds can be invested to promote clean energy, protect industry, and compensate Cap and Invest is Something Maryland Already Does Well asPart of the Regional Greenhouse Gas Initiative (RGGI) •RGGI began in 2009 regulating emissions in theelectricity sector.(Elements of RGGI) •Regional emissions have fallen by 1/2 since 2009 •The program has raised $10 billion in auction proceeds,which states have directed primarily toward strategic •The Analysis Group estimates spending of RGGI auctionproceeds yields 3 times the economic benefits and hasadded 50,000 job-years.(The Economic Impacts of the Regional •Maryland collected $275 million in auction proceeds in2025 and $1.7 billion since 2009. What are the Key Elements of Cap and Invest? •The program enacts a cap onthe greenhouse emissions thatcontribute to climate change. •Firms comply by submittingone emissions allowance foreach ton of pollution. •Maryland distributesallowances in an auction withproceeds directed to climate-related investments and The Emissions Cap Declines Over Time •An emissions cap describes the number •Allowance banking may allowemissions each year to differ from the •Maryland’s Climate Solutions Now Actcalls for net-zero emissions by 2045.(Legislation-SB0528) •The Act calls for 100 percent cleanenergy by 2035. DOCUMENT ROADMAP How can cap-and-invest help achieve Maryland’s goals? What are the key elements of a cap and invest for Maryland?3 What does cap and invest look like for a Maryland household?4 Several States and Provinces Have Cap-and-Invest Programs •The Western Climate Initiative (WCI)includes California and Quebec in a linkedmarket and Washington in a separate •Washington has prepared for linking withother WCI states. •New York’s program is under development. •Vermont agencies are studying cap and •Meanwhile, Colorado and Oregon haveimplemented sectoral emissions caps. Emissions Trading Worldwide Emissions Trading is Expanding Globally •There are 38 trading systems in operation covering 19 percent ofglobal GHG emissions (ICAP 2025). •Including carbon taxes takes coverage up to 27 percent of global emissionsat an average price of $6.30 per ton (Dolphin and Merkle 2025). •Net-zero goals are driving innovative design options in Brazil,Indonesia, India, Turkey, and Vietnam. •China and the EU, with the world’s largest systems, are expandingtheir systems further. DOCUMENT ROADMAP How can cap-and-invest help achieve Maryland’s goals? 3 What does cap and invest look like