TRENTON – Legislation to prevent Gov. Christie from pulling the state out of the Regional Greenhouse Gas Initiative was approved in the Assembly today.
The bills – S2946A-4108, SCR164ACR195 – require the state to remain part of the 10-state effort to cap emissions, and declare removal from RGGI inconsistent with legislative intent.
Gov. Christie said he didn’t need legislative permission to pull New Jersey out of the cooperative when he made the announcement last month.
Under this 2008 cap-and-trade pact, utilities are required to purchase pollution allowances in regional auctions if they need to exceed their cap while others can trade their unused quotas. Funds raised in the auctions are invested in renewable energy, clean energy technologies and energy efficiency.