New Jersey’s new governor is bringing back cap-and-trade.
On Monday, newly minted Governor Phil Murphy signed an executive order to rejoin the Regional Greenhouse Gas Initiative (RGGI), a multi-state carbon trading program that aims to reduce greenhouse gases from the power sector.
New Jersey’s former governor (and bona fide bully) Chris Christie had pulled the state out in 2011, saying the initiative increased the tax burden for utilities and failed to adequately reduce greenhouse gases. Murphy said that Christie’s decision to withdraw had cost the state $279 million in revenue.
The state Department of Environmental Protection and the Board of Public Utilities will begin drawing up a game plan to re-enter the pact.
Nine eastern states already participate in RGGI: Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island and Vermont. Now, New Jersey is joining the fray, and Virginia may soon follow.
“With this executive order, New Jersey takes the first step toward restoring our place as a leader in the green economy,” Murphy said. Jersey shore knows what it’s doing!