Earlier this month, the governors of nine Midwestern states (along with the premier of neighboring Manitoba) joined together to sign the Midwestern Greenhouse Gas Reduction Accord, which is designed to promote renewable energy and reduce greenhouse gas emissions via a cap-and-trade regulation.
The pact follows on the heels of the Northeast, where 10 states will institute a cap-and-trade regulation on the power sector starting in 2009, and six states in the West (along with British Columbia and Manitoba in Canada), which aim to set an economy-wide scheme for reducing carbon emissions by August 2008.
The World Resources Institute recently published an analysis that shows just how important the Midwest initiative is. "The total greenhous gas emissions emissions of this group of states is the largest of the three regional cap-and-trade initiatives, accounting for 14% of total U.S. greenhouse gas emissions," wrote Tom Damassa, a research analyst.
Other notable facts, as quoted from Damassa's analysis:
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