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New N.J. Governor Re-Enters Regional Climate Pact, Reversing Move By Christie
Route Fifty: New Jersey Gov. Phil Murphy’s decision to re-enter the Regional Greenhouse Gas Initiative is the latest example of a state government filling the Trump administration’s carbon regulatory void, one that will likely raise local electricity rates, according to Moody’s Investors Service.
In 2011, then-Gov. Chris Christie exited the RGGI, a 10-state partnership that caps greenhouse gas emissions from fossil-fueled power plants. The current cap is 91 million short tons and declines 2.5 percent every year through 2020.
Member states hold carbon allowance credit auctions, the proceeds from which are reinvested in clean energy initiatives.
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