New Mexico has become the first state in the Union to become a member of the Chicago Climate Exchange (CCX), the nation’s only market-based cap-and-trade system designed specifically to support efficient economies and reduce greenhouse gas (GHG) emissions.
“We want to save money, use energy wisely, and help combat climate change,” said Bill Richardson, Governor of New Mexico and former Secretary of the U.S. Department of Energy. “By joining CCX, state government is setting an example that I hope other municipalities and businesses will follow.”
DOMANI Sustainability Consulting, LLC, of Denver, Colorado, has been contracted to help the state assess its energy use and GHG emissions for the CCX. The group will help New Mexico establish a standard, credible baseline for its GHG emissions.
Governor Richardson signed in June 2005 an Executive Order mandating a thorough evaluation of ways to significantly reduce greenhouse gas emissions in New Mexico. He set aggressive reduction goals and created a New Mexico Climate Change Advisory Group, which will develop recommendations to reduce the state’s greenhouse gas emissions to 2000 levels by 2012, 10% below 2000 levels by 2020, and 75% below 2000 levels by 2050.
Reducing GHGs is necessary for the long-term economic and environmental health of New Mexico and all other states in the nation. New Mexico expects that its membership in the CCX will help it to reduce its operating costs, reduce its exposure to volatile energy costs, and encourage the private sector to commit to ‘transparent’ emissions reduction targets.
Membership in CCX is legally binding. New Mexico must meet its GHG reduction goals or it has agreed to buy credits to offset emissions above targeted levels. The state can sell its emission credits if its emissions fall below targeted levels.
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