2018-01-29. New Jersey Embraces an Idea It Once Rejected: Make Utilities Pay to Emit Carbon.

posted Feb 13, 2018, 1:10 PM by Alan Gould
By Brad Plumer, The New York Times. For GSS Climate Change chapter 9. Excerpt: ...Even as the Trump administration dismantles climate policies at the federal level, a growing number of Democratic state governors are considering taxing or pricing carbon dioxide emissions within their own borders to tackle global warming. New Jersey took a major step in that direction Monday when newly elected Gov. Philip D. Murphy, a Democrat, ordered his state to rejoin a regional carbon-trading program that his Republican predecessor, Chris Christie, had pulled out of in 2012. The program, known as the Regional Greenhouse Gas Initiative https://www.rggi.org/program-overview-and-design/elements, requires power plants in participating states to buy permits for the carbon dioxide they emit. State officials often use revenue from these permit auctions for energy efficiency programs. In a so-called cap-and-trade program like this, power plants can trade the carbon permits among themselves, but the overall number of permits dwindles steadily over time. That effectively raises the cost of emitting carbon dioxide, prodding utilities to seek out cleaner sources of electricity. “Pulling out of R.G.G.I. slowed down progress on lowering emissions and has cost New Jerseyans millions of dollars that could have been used to increase energy efficiency and improve air quality in our communities,” Mr. Murphy said. He estimated that New Jersey had foregone $279 million in permit auction revenue because of Mr. Christie’s withdrawal.... https://www.nytimes.com/2018/01/29/climate/new-jersey-cap-and-trade.html
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