The Transportation and Climate Initiative (TCI) is a regional collaboration seeking to improve transportation, develop a clean energy economy and reduce carbon emissions across 12 East Coast states and the District of Columbia. bp is actively supporting its adoption.
Modeled after RGGI and designed by state leaders, with help from the Georgetown Climate Center, the program would create a regional cap and trade program for transportation emissions. The policy aims for a 20-25% reduction in covered emissions by 2032, depending on the cap.
TCI will generate revenue that can be used to bring cleaner, modernized infrastructure to the region – including funds that can focus on underserved communities.
The US needs to release fewer emissions into the atmosphere. We also need to generate new jobs and revenue at this crucial moment. TCI does both. Estimates show TCI will:
bp is actively advocating for states to sign on to TCI, taking the necessary executive, legislative and regulatory steps to participate in the program once it is finalized.
And we’re not alone in our support. bp has joined with business leaders, transportation companies, environmental groups and more to bring this policy to the east coast. We’ll continue to work together to get as many states signed on as possible. Learn more about our coalition.
The Regional Greenhouse Gas Initiative (RGGI) is a successful cap-and-trade carbon pricing program for the power sector. Over the last decade, participating states have seen a range of benefits while emissions and electricity costs have decreased, according to the Center for Climate and Energy Solutions.
Established in 2009, RGGI limits carbon emissions from power plants1 by placing a regional cap on emissions and then requiring companies to buy or trade allowances to emit up to the limit of the cap. The cap decreases annually, so the allowance price rises every year. This system allows industry flexibility to meet reduction targets at the lowest possible cost.
Independent studies of the program show RGGI works for people, business and the planet. RGGI states also outpaced power sector emissions reductions in the rest of the country by 90 percent.*
bp publicly advocated for Virginia to join RGGI and was thrilled when the governor signed that bill into law in 2020. Now bp is actively encouraging Pennsylvania to benefit from the program along with its neighbors in:
We’re also part of a coalition of businesses and environmental organizations in Pennsylvania working to bring this policy to the Keystone State. We believe it’s good for citizens, the environment and the economy.
1 Applies where generators over 25MW are required to possess credits.
* The Acadia Center: “The Regional Greenhouse Gas Initiative 10 Years in Review.” 2019.
After two years of debate and effort, Illinois has the opportunity to pass significant clean energy legislation. Two bills – Path to 100 and the Clean Energy Jobs Act – have put forward strong ideas for climate policy. Together with the governor’s principles, these ideas will form the basis of a comprehensive bill that will help transition Illinois to a clean energy economy.
While details will be developed out of bipartisan working groups, Gov. Pritzker’s eight-part plan includes measures to implement market-based mechanisms like carbon pricing and encourage renewable energy. His principles are to:
bp has gone on record applauding the governor’s principles, and we encourage legislators to explore new technologies like carbon capture, use and storage; renewable energy such as solar and wind; renewable natural gas; and private investment in electric vehicles. bp will continue to work with lawmakers to help achieve ambitious and comprehensive legislation to help Illinois reach net zero by 2050.
Washington is working hard to become the second state in the country with a comprehensive, economywide, market-based carbon pricing program. Well-designed policy will lower carbon emissions not only for one sector, but across the economy by:
In 2019, bp supported the carbon pricing plan under consideration at the time, Senate Bill 5981. While that bill didn’t become law, it set the stage for possible passage in the 2021 legislative session.
bp is committed to being part of the solution. We will work constructively to support the carbon pricing bill the legislature develops for a program that is effective, comprehensive, sustainable and able to be enacted in 2021. Right now, we’re educating legislators on how progressive climate policies can help guide an effective transition into the energy economy of the future.
We are also working to build coalitions to demonstrate broad business support and show how well-designed policies can help Washington’s ambitions for carbon reduction and boost the economy.
We’ll keep doing our part to bring Washington state closer to net zero, starting with our own operations. And we’ll continue sharing what we’re learning to help develop policies that can shape a lower-carbon economy.
The Carbon Dioxide Geologic Storage Act is a framework to allow carbon capture, use and storage (CCUS) projects in Illinois. CCUS is a key component to getting bp to net zero by 2050 or sooner, and to getting the world there too.
The geology of Illinois is rich in CCUS opportunities. CCUS keeps emissions from carbon-intensive industries from escaping into the atmosphere. Instead, they’re captured and either stored indefinitely, or used in manufacturing. This bill would be good for the Illinois economy and the planet.
Legislation like House Bill 4370 can create jobs and reduce emissions, and bp will continue to advocate for their passage.