Eastern Regional Energy Summit Update 1

This morning on the campus of Rutgers University, the Council on Competitiveness convened the Eastern Regional Energy Summit. CleanSkies.tv, the Summit’s official media partner, began the event with a live newscast that included a one-on-one interview with Council President, Deborah L. Wince-Smith. The interview focused on the strong business case for energy transformation.

The summit featured a discussion between business, labor, academia, and government leaders about the Regional Greenhouse Gas Initiative (RGGI). RGGI is the first completely auction based carbon cap-and-trade program in the world. The program is a cooperative effort by 10 Northeast and Mid-Atlantic states to cap CO₂ emissions from the power sector and require a 10 percent reduction in these emissions by 2018. This is a discussion that is worth paying attention to because RGGI is also the first mandatory cap-and-trade system in the United States and is setting precedent for a national program.

New Jersey Governor Jon Corzine delivered the morning keynote address, highlighting the need for energy security and his state’s dedication to making that a reality. He reiterated his ambitious energy master plan that calls for a 20% reduction by 2020 in use of energy an

d 25% reduction of greenhouse gas production. The Governor also emphasized that the ultimate goal of his energy plan is to dramatically affect the everyday lives of U.S. citizens. This challenge will require a partnership between the government and private companies to drive investment towards a new energy future. His address set the high stakes for a successful

solution, saying that an energy economy revolution can be the basis of a very prosperous America.

Shirley Ann Jackson, co-chair of the Council’s Compete Energy initiative and President of Rensselaer Polytechnic Institute, discussed the importance of leadership in the energy sector. She admitted that our energy security needs are being complicated by the global economic crisis and environmental issues, as well falling energy demand. But she pronounced her vision for the summit’s participants as a group of strong and diverse leaders that will eventually make energy rhetoric into a flourishing reality.

Check back for updates as later this afternoon Ralph Izzo, President and CEO of PSEG, will provide the Luncheon keynote address.

Richard McCormick, President of Rutgers University, a co-host of the summit.

Deborah L. Wince-Smith, president of the Council on Competitiveness, and Susan McGinnis of CleanSkies.tv.

Shirley Ann Jackson, President of RPI; New Jersey Governor Jon Corzine; Deborah L. Wince-Smith, President of the Council on Competitiveness; Ralph Izzo, President and CEO of PSEG.

- This post created by the Council on Competitiveness