By Chris Benjamin
PG&E’s long-standing commitment to address climate change and prepare for California’s carbon market is featured in a new report issued today (Jan. 29) by the World Bank’s Partnership for Market Readiness (PMR).
With more than 30 participating countries, the PMR works to foster innovative and cost-effective climate change policies in developing and emerging economies — with a focus on approaches that lead to a price on carbon.
PG&E was selected as a case study to capture the experience and insights of a major utility regulated under California’s cap-and-trade program. The report tells PG&E’s story — from the company’s early steps to voluntarily measure its carbon footprint to its continuing focus on implementing California’s landmark Global Warming Solutions Act (AB 32), which requires the state to reduce greenhouse gas emissions to 1990 levels by 2020.
The report illustrates that one guiding principle at PG&E has been supporting California’s policy requirements in a way that does right by its customers. Examples include investing heavily in energy efficiency, which saves customers money, and helping to grow the market for renewable energy through large scale procurement, which has helped drive prices down and make clean energy more affordable for customers. Aligning customer and policy objectives helps to achieve a win-win.
By drawing out lessons learned from PG&E and several other companies, PMR’s report will assist developing and emerging countries as they consider whether to adopt carbon regulation. The report will also benefit the growing number of other companies that are preparing for a future with carbon pricing.
The report follows PG&E Chairman and CEO Tony Earley’s remarks last year in a World Bank blog, advocating carbon pricing as an important measure to help the world address climate change. His message was shared at the United Nations Climate Summit in New York.
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