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New Jersey to re-enter carbon trading program

Hoboken flooding
Flooding after Hurricane Sandy. Image: VIEW press / Getty Images

New Jersey Governor Phil Murphy signed an executive order Monday directing the state to rejoin the Regional Greenhouse Gas Initiative, a nine-state carbon trading exchange.

Why it matters: New Jersey was a founding member of RGGI, established in 2009 as a cooperative effort to cap and reduce CO2 emissions. Former Governor Chris Christie withdrew from the initiative in 2012, causing the state to miss out on $279 million in revenue from emissions credit auctions.