Going Against the Federal Government, New Jersey and Virginia want to be a part of Carbon: Cap and Trade

New Jersey, Virginia Take Steps Toward Joining East Coast Carbon Market

With federal policies to control greenhouse gas emissions in limbo, more states are taking steps toward putting a price on carbon pollution. New Jersey moved closer to re-joining the East Coast's carbon cap-and-trade system this week when the state Senate's Environment and Energy Committee passed a bill to restore the state's role in the Regional Greenhouse Gas Initiative or RGGI, the nation's first cap-and-trade program, launched in 2009.

 From article, (With federal policies to control greenhouse gas emissions in limbo, more states are taking steps toward putting a price on carbon pollution.

New Jersey moved closer to re-joining the East Coast's carbon cap-and-trade system this week when the state Senate's Environment and Energy Committee passed a bill to restore the state's role in the Regional Greenhouse Gas Initiative or RGGI, the nation's first cap-and-trade program, launched in 2009.

Newly elected Democratic Gov. Phil Murphy has pledged to support the bill. His predecessor, Chris Christie, had pulled the state out as he positioned himself to run for the Republican presidential nomination.

Virginia, another swing state where Democrats have strengthened their hand, is also looking to join RGGI. If that happens, the addition would increase the size of the carbon market by more than 40 percent due to the large number of coal-fired power plants in the state. But legislative action there on carbon emissions hit a stumbling block in a committee vote this week, indicating that political support there is shakier.

RGGI has proven popular in most of the states that participate, steering them toward lower carbon dioxide emissions while generating revenues.

Prior to New Jersey's exit, the state received roughly $50 million a year in cap-and-trade revenue to spend on clean energy and energy efficiency measures, a figure that would likely be higher now if the state re-enters the program.

The New Jersey legislature has tried three times in recent years to rejoin RGGI, only to watch Christie veto the measures. The new legislation making its way through the legislature now would make it harder for future governors to pull out of the cap-and-trade system.)

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