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May 26, 2011

Chris Christie, Who Is Not Running For President (wink, wink), Pulls NJ Out Of Regional Cap And Trade Scheme

Proponents of crappy science and economics hit hardest.

In a blow to clean energy advocates throughout the Northeast, Gov. Chris Christie said this morning that the state will pull out of the region’s cap-and-trade program by the end of the year.

"This program is not effective in reducing greenhouse gases and is unlikely to be in the future," Christie said at a press conference in the Statehouse.

...Under the program, power plant operators buy credits at quarterly auctions for the carbon dioxide they emit. Proceeds are then to be used to pay for renewable energy initiatives. The program had raised more than $860 million through March.

But several states, including New Jersey, have raided their portion of the proceeds to fill budget gaps. Christie took $65.2 million from the state’s Global Warming Solutions Fund to balance the current budget.

As is usually the case with Christie, all the right people are mad.

“It’s a failure,” Christie said. “RGGI has not changed behavior and it does not reduce emissions.”

Opponents say power companies have passed along the costs to comply with RGGI by raising electric bills. The Sierra Club says the increase is less than half of 1 percent of the average household bill.

“Christie is taking the side of corporate polluters and the coal industry over the environment and health of the people of New Jersey,” said Jeff Tittel, director of New Jersey Sierra Club. “As part of his attempt to become a national politician he would rather pander to the National Republican Party then do what is right for the people of New Jersey.”

Oh, just one half of one percent? Sure it doesn't work but hey, it's cheap!


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posted by DrewM. at 12:23 PM

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