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create new investments in cleaner, more efficient energy technology. The accord takeseffect in 2009. Along with new emissions limits, the plan will use a market-basedstrategy, called “cap and trade,” that rewards companies for outperforming the newlimits and lowers overall compliance costs. Under RGGI, each state will have its ownemissions cap. By announcing its support in the earliest phase of RGGI, Con Edisonhopes to collaborate with industry and with policy makers to help set a useful precedentin exploring effective solutions for curbing greenhouse gas emissions.Working With Organizations on Air QualityIn 2003, Con Edison joined with a group of companies and the World ResourcesInstitute to explore prospective private-sector actions to address climate change.This diverse group includes companies from various sectors and differing size andgeographical reach. In 2004, the World Resources Institute issued a report titled, “AClimate of Innovation: Northeast Business Action to Reduce Greenhouse Gases.” Thisreport is intended to share experiences and build momentum among companies forthe benefit of the business community, for informing emerging regional climate policydiscussions, and for devising strategies to succeed in a “carbon-constrained world.”In particular, the group assessed the drivers for action, the management systems forquantifying and analyzing emissions, and the energy-related projects for reducingemissions.” The report is available through the World Resources Institute Web site atwww.wri.org.Con Edison endorses initiatives,including the NortheastRegional Greenhouse GasCoalition, that focus on airquality and promote reductionof greenhouse gases.Con Edison also is actively involved in a voluntary national effort to reduce greenhousegas emissions. In 2002, the President implemented a voluntary climate changeinitiative targeting a reduction of greenhouse gases. In 2004, seven power sectorgroups signed an umbrella Climate VISION Memorandum of Understanding with theU.S. Department of Energy and rolled out an implementation work plan that highlightsthe actions of the industry. Con Edison, through the Edison Electric InstitutePower Partners signed on to this voluntary initiative.Helping to Promote Wise Energy ChoicesCon Edison encourages all customers to use energy wisely. It communicates througha variety of channels, and offers conservation programs and other resources for businessand residential customers.Incentives for BusinessSound energy management is crucial to conserving resources and the environment,but it is equally important to businesses and their bottom line. To encourage the wiseuse of energy, Con Edison offers load-reduction programs that help to manage energyusage during times of exceptionally high demand while rewarding commercial customersand other large energy users with financial incentives.Environment, Health and Safety Annual Report 41