Yesterday Governor Chris Christie of New Jersey announced that he would be removing the state from the Regional Greenhouse Gas Initiative (RGGI), a 10-state program intended as a carbon dioxide cap-and-trade program intended to reduce the power sector’s emissions levels of the greenhouse gas 10% by 2018.
The move, according to Governor Christie, seeks to cut state budget costs by eliminating participation in a program that he deemed “a failure”. The regional program, however, remains backed by the other Northeast states, and the consequences of the New Jersey withdraw to the RGGI market will most likely be nominal.
Most important for solar customers in New Jersey is to understand that Governor Christie’s decision is not connected to the state’s SREC program. Participation in RGGI does not affect the state’s participation, goals, or support for the SREC market in NJ. Please see our March post describing Christie’s previous endorsement of the SREC market.