Virginia awarded about $7.8 million in state grants for 19 local projects designed to address flooding, sea-level rise and extreme weather, Gov. Ralph Northam announced Tuesday.
Funding for the Virginia Community Flood Preparedness Fund grants is provided through the sale of carbon emission allowances, which began when the state joined the Regional Greenhouse Gas Initiative in January.
The initiative requires businesses to purchase a certain number of carbon emission allowances depending on how much carbon they emit. The number of carbon emissions allowed is reduced annually. About 45% of the revenues obtained through these sales goes toward the flood preparedness fund.Read More