Gov. Phil Murphy today signed an Executive Order requiring that NJ begin the process to re-enter the Regional Greenhouse Gas Initiative (RGGI), a compact of northeast states using a cap-and-trade program to reduce greenhouse gases. The Christie administration withdrew from the regional compact in 2012.
Read Governor Murphy’s announcement here.
NJBIA opposes New Jersey’s return to RGGI. The state is already a leader in curbing emissions and producing clean power, and should not have to absorb the additional compliance costs. New Jersey’s energy sector is already, by far, the cleanest in the PJM Region, yet it has the 10th highest retail electricity costs in the nation. A return to RGGI will increase those costs, but have little bearing on New Jersey’s emission rates, according to Sara Bluhm, NJBIA vice president for Environment & Energy.