Sweeney-Smith Legislation Would Return NJ To RGGI
Sweeney-Smith Legislation Would Return NJ To RGGI
Bill Would Reverse Christie’s Withdrawal from Program That Provides Environmental & Economic Benefits
TRENTON – A Senate committee today endorsed legislation authored by Senate President Steve Sweeney and Senator Bob Smith that would return New Jersey to the Regional Greenhouse Gas Initiative and use proceeds from the program to support environmental initiatives. The bill would realize the repeated efforts by the Legislature over six years to rejoin the regional pact.
“Participating in this initiative is good for the environment, for public health and the economy,” said Senator Sweeney. “The RGGI can reduce carbon emissions, lower energy costs for families and businesses and create jobs in the field of clean energy.”
The RGGI is a nine state regional compact to reduce climate change and air pollution and fund clean energy projects. The RGGI was the nation’s first auction to sell and trade carbon dioxide emission credits to large-scale CO2 polluters such as coal-powered plants. The proceeds from the auction go towards clean and renewable energy investments and energy efficiency programs.
“When New Jersey and our neighboring states created the RGGI we were in the forefront of environmental leadership by finding a commonsense solution that reduced pollution without limiting power companies’ ability to operate,” said Senator Smith, the chairman of the Senate Energy and Environment Committee. “The program reduces carbon dioxide emissions and promotes clean energy initiatives. It’s good for the environment, for public health and for the economy.”
Governor Chris Christie unilaterally pulled New Jersey out of the program seven years ago and blocked repeated efforts attempts to rejoin, vetoing bills on three occasions.
The Senate Environment and Energy Committee approved the legislation, S-611/S-874, requiring the state’s participation in RGGI with a vote of 4-1.
In its eight-and-a-half years, the RGGI has driven down carbon dioxide emissions quicker than in other regions and funded more than $1 billion in clean-energy initiatives among its participating states.
The bill would require legislative approval if any future governor wants to remove New Jersey from RGGI.
“With the Trump administration pulling out of the Paris Climate Agreement, promoting drilling along the coast and taking other anti-environmental actions, it is more important than ever that the states take leadership on environmental priorities,” said Senator Smith. “We cannot afford to sit on our hands. Reducing the harmful toxins that are released into the air is an important step, while investing in renewable and clean energy production will create lasting changes to our environment.”
States participating in RGGI invested a substantial amount of the allowance proceeds on energy efficiency programs that reduce electricity consumption. RGGI carbon dioxide power sector emissions have declined more than 40 percent since 2005 while the regional economy has grown 8 percent, adjusted for inflation.
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