Governor Chris Christie announced today New Jersey will withdraw from the regional cap-and-trade energy program known as the Regional Greenhouse Gas Initiative ("RGGI").
"It's a failure," Christie said. "RGGI has not changed behavior and it does not reduce emissions."
This is yet another nail in the cap and trade coffin, as a California judge just last week stopped implementation of that state's cap and trade plan.
New Jersey will become the first state to withdraw from RGGI, and other member states, including Maine and New Hampshire, are considering doing the same.
A bill pending before the Delaware state House Energy Committee, HB 86, would suspend Delaware's participation in RGGI. The bill was
recently tabled on a straight party line vote by a one vote margin.
David Stevenson, the Director of the Cesar Rodney Institute's Center for Energy Competitiveness, says the recent actions in California and New Jersey demonstrate "even more momentum among the states to abandon the failed policy of cap and trade" and gives reason for Energy committee members to "reconsider their position on HB 86."
Here is some of the local coverage of Governor's Christie's decision to withdraw New Jersey from RGGI:
Christie to pull N.J. out of cap-and-trade energy program
New Jersey Press
Scott Fallon
May 26, 2011
http://www.northjersey.com/news/politics/052611_Christie_to_pull_NJ_out_of_cap-and-trade_energy_program.html
Governor Christie said this morning that he will pull New Jersey out of a regional cap-and-trade energy program.
Governor Christie said this morning that he will pull New Jersey out of a regional cap-and-trade energy program. The move drew strong criticism from environmental advocates who argued it was a rollback of clean energy efforts. But it was supported by business groups who said the 10-state Regional Greenhouse Gas Initiative was a burdensome
energy tax.
"We will withdraw from RGGI in an orderly fashion by year's end," Christie said.
RGGI is a cooperative effort by Northeastern and mid-Atlantic states to reduce carbon dioxide emissions 10 percent by 2018. To do so, power
plant operators such as PSE&G must purchase allowances from their host states to cover each ton of carbon dioxide emissions they are likely
to produce. The companies can then buy, sell or trade their permits.
Companies that reduce their emissions and don't need all their allowances might sell them to a company whose emissions exceed their
allowances.
The proceeds are to be invested by the states in energy-efficiency projects and developing renewable energy sources, such as wind and
solar power.
"It's a failure," Christie said. "RGGI has not changed behavior and it does not reduce emissions."
Opponents say power companies have passed along the costs to comply with RGGI by raising electric bills. The Sierra Club says the increase
is less than half of 1 percent of the average household bill.
"Christie is taking the side of corporate polluters and the coal industry over the environment and health of the people of New Jersey," said Jeff Tittel, director of New Jersey Sierra Club. "As part of his attempt to become a national politician he would rather pander to the National Republican Party then do what is right for the people of New Jersey."
The move came as something of a surprise as many believed Christie would continue to use the funds generated by RGGI to help balance the cash-strapped state budget. Last year, he took $64 million raised by RGGI and put it towards the general fund instead of using it for clean energy programs as intended.
But Christie has also publicly criticized the program at a Nutley town hall meeting in February saying it was hurting economic development. He also expressed skepticism that human behavior has led to global warming at a town hall meeting in November.
The move also comes as former Massachusetts Governor Mitt Romney, a 2012 GOP presidential candidate, is being hammered by conservatives
for his mandated health insurance plan in that state.
A move by Christie to dismantle a state program viewed unfavorably by many Republicans could only help any presidential ambitions the
governor may have. Christie has continually denied he wants to run for president in 2012 despite calls from many GOP powerbrokers.
Christie said he still believes in global warming and will work towards conservation and the use of wind, natural gas and other power sources that are cleaner than coal.
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