New Jersey to re-enter carbon trading program
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.