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Chris Wysocki
Caldwell, NJ
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Hey! I've moved to He's Pretty Fly For A Jersey Guy.
Please update your bookmarks. Thanks!
Thursday, 26 May 2011
Chris Christie pulls NJ out of pointless RGGI Cap and Tax scheme
The Sierra Club is mad, so Chris Christie must be doing something right again.
And for sure he is! New Jersey ditches "Cap and Tax."
In a blow to clean energy advocates throughout the Northeast, Gov. Chris Christie said this morning that the state will pull out of the region's cap-and-trade program by the end of the year.
"This program is not effective in reducing greenhouse gases and is unlikely to be in the future," Christie said at a press conference in the Statehouse.
...Under the program, power plant operators buy credits at quarterly auctions for the carbon dioxide they emit. Proceeds are then to be used to pay for renewable energy initiatives. The program had raised more than $860 million through March.
But several states, including New Jersey, have raided their portion of the proceeds to fill budget gaps. Christie took $65.2 million from the state's Global Warming Solutions Fund to balance the current budget.
So, like most Globull Warming mitigation schemes, it's long on "tax" and short on actual results. But the Sierra Club says it's "vital!" Can you say, "Econut Slush Fund?" Sure, I knew you could.
Score one for "Punch The Hippies."
(h/t Ace)
Posted at 12:42 by Chris Wysocki
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