Energy & Climate Change Lawyer
On Monday, the Massachusetts Department of Environmental Protection determined that certain power producers may use European Union Emission Trading Scheme (EU ETS) Phase II Allowances and Clean Development Mechanism Certified Emission Reductions under the Kyoto protocols that are eligible for use under Phase II of the EU ETS. This is very big news. One of the drivers behind federal climate change legislation is to solve the regulatory headaches created by patchwork regulatory activity by the states. What we have here is essentially linking the Regional Greenhouse Gas Initiative with the EU ETS. This is a big step forward in getting a mandatory carbon reduction market in place across the board here in the United States.
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