The Regional Greenhouse Gas Initiative (RGGI for short) is an innovative cap-and-trade program that will reduce global warming pollution from power plants in New York and nine other states. The regional program requires polluters to purchase pollution permits and then lowers the amount of pollution allowed over time. State regulations explicitly state that the money generated by RGGI must be invested in projects such as renewable energy and energy efficiency, helping to save New Yorkers money on their heating and energy bills.

Recently, Governor Paterson released a proposal to take monies generated by RGGI auctions and put the cash into the State’s general fund. The State Senate and Assembly are considering the Governor's proposal.

Even in tough times like these, raiding revenue generated by the nation’s first-ever plan to reduce global warming pollution to plug New York’s budget hole hurts consumers and the environment. These monies were specifically designed to move our state toward a clean energy economy, encourage new industries to set up shop in New York, create jobs, and cut utility bills.

The RGGI is the most important initiative in place in the United States to limit carbon dioxide emissions from power plants, the largest source of global warming pollution in our country. Any effort to derail this historic process should be met with strong opposition.

Research shows that the regional climate program hinges on the wise use of revenue generated by allowance auctions. Proposals to steal RGGI revenue jeopardize New York’s energy future and the success of this critical program.