How Soli Reduces CO2 Emissions
The Regional Greenhouse Gas Initiative (RGGI) is a CO2 cap-and-trade program administered across nine Northeast states (Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, and Vermont.) Cap-and-trade is a market reduction program that sets a maximum allowable level, or “cap,” of a pollutant and breaks this amount into “credits” for companies to purchase and sell. A company that emits above the regulated standard can buy a credit to cover its excess pollution. RGGI sells carbon credits to these companies, and it uses the revenue to fund green energy initiatives in the participating states. By reducing the cap each year, RGGI slowly reduces the total amount of CO2 emitted in the Northeast.
Although the RGGI successfully reduces CO2 emissions by reducing the cap each year, carbon credits still permit companies to emit greenhouse gases without significant costs to the firms. In addition, although many of us have heard of cap-and-trade systems, few consumers can engage with this market to purchase carbon credits on our own.
How You Can Help
When you register for Soli, you will automatically receive credit for every purchase you make at the stores listed in the Soli app. You don’t need to enter any codes or keep track of any cards, just simply use the credit/debit card you used when signing up.
Soli purchases carbon credits at RGGI auctions and retires them on your behalf. So, for every dollar you spend, you will prevent two pounds of CO2 from being emitted into the atmosphere. You’re making a difference!
Additionally, spending one dollar gives you between 1 and 5 SoliPoints. Every 100 SoliPoints equals one dollar, which you can redeem for special rewards or donate to a climate-focused nonprofit.
According to Forbes, American Millennials alone account for 200 billion dollars in discretionary spending each year. Imagine if for every one of those dollars spent, two pounds of CO2 emissions were removed. That would be equivalent to the annual CO2 emissions of Alaska, Montana, Hawaii, Maine, New Hampshire, Idaho, South Dakota, Rhode Island, Vermont, and DC, combined. At scale, we could cause one of the largest divestments from fossil fuels in human history.
Just 14 million members worldwide spending $750 a year shopping with Soli merchants would remove the equivalent carbon emissions of 2,000,000 cars per year. This would nearly offset the carbon emissions for a city the size of Boston or San Francisco annually.
* To create SoliPoints we currently source our carbon from RGGI (in cooperation with environmental nonprofit The Adirondack Council.) We do this because RGGI carbon credits are measurable, validated, and easily audited. As other offsets come on the market with the same audit qualities, we will consider them to form SoliPoints.
Join the movement.
Soli’s sister non-profit, Climate Remediation Foundation (CRF), is a non-politically aligned organization focused on addressing and educating the greater public on the harmful effects of climate change.