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THE CLEAN AIR INVESTMENT FUND. BACKGROUND & KEY FEATURES. REGULATORY FOUNDATIONS. Implementation plan accompanying July 1997 presidential directive on implementing new NAAQS Chapter 9, Economic Incentive Program Guidance, January 2001. BASIC RATIONALE.

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the clean air investment fund

THE CLEAN AIR INVESTMENT FUND

BACKGROUND & KEY FEATURES

regulatory foundations
REGULATORY FOUNDATIONS
  • Implementation plan accompanying July 1997 presidential directive on implementing new NAAQS
  • Chapter 9, Economic Incentive Program Guidance, January 2001
basic rationale
BASIC RATIONALE
  • An additional air quality management tool to address high control costs based on “polluter pays” principle
  • Can assist in shifting emissions reduction burden to lower-cost sectors, especially where trading may not be feasible
  • May be used to invest in innovative technologies and programs
  • May also address distributional inequities by helping target reductions
primary approach cost relief valve
PRIMARY APPROACH:COST RELIEF VALVE
  • State sets cost threshold for an emissions standard
  • Regulated sources pay into fund in lieu of incremental reductions that exceed control cost threshold
  • Fund administrator invests in emissions reduction projects at lower-cost, possibly unregulated, sources
important guidance elements
IMPORTANT GUIDANCE ELEMENTS
  • COST THRESHOLD:
    • Requires analysis of potential contributing and compensating sources
    • Provides examples and options for threshold-setting methodology
  • ASSURANCES
    • Provides examples and options for covering any potential “gap” in compensating reductions
important guidance elements cont
IMPORTANT GUIDANCE ELEMENTS (cont.)
  • REQUIRED PROVISIONS
    • Reductions must meet fundamental integrity elements
    • Design must include an automatic suspension mechanism
    • Design must demonstrate environmental benefit
    • Design should include restrictions on use of AELs
key findings new hampshire test
KEY FINDINGS: NEW HAMPSHIRE “TEST”
  • Provides regulated sources with increased cost certainty
  • Extremely flexible re: emissions reduction standards, and size, number of targeted sources
  • Can help state or locality meet an emissions reduction goal at notably lower costs than traditional regulation
similarly structured programs
SIMILARLY STRUCTURED PROGRAMS
  • Air Quality Investment Program (California South Coast AQMD)
  • NOx Emission Reduction Fund (New Hampshire)
  • The Climate Trust (Oregon)
an invitation
AN INVITATION
  • EPA assistance available to any state interested in developing a clean air investment fund
  • Contact:

Brian Cook

Department of Government, Clark University

(508) 793-7360

[email protected]

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