Virginia’s new Republican governor is moving to withdraw his state from a regional carbon emissions-trading exchange to which 10 coastal and New England states currently belong, a move that promises to be a major setback for the left-wing environmentalist agenda.
Such systems aim to reduce the quantity of carbon dioxide, the gas expelled from our lungs when we exhale, that is released into the atmosphere, on the controversial theory that it contributes to global warming. The system imposes limits on how much CO2 is emitted by each state, and when industry actors exceed their limits, they can purchase the right to produce that excess gas for a fee. These emission coupons, or credits, have a value and can be traded, and the companies involved pass on the extra costs to their customers.
Virginia’s participation in RGGI “risks contributing to the increased cost of electricity for our citizens,” Youngkin’s order states. “Dominion Energy stated that RGGI will cost ratepayers between $1 billion and $1.2 billion over the next four years.”
The benefits promised by RGGI “have not materialized, while the costs have skyrocketed.”
RGGI is deeply flawed, experts say.
“RGGI allowance costs added to already high regional electric bills” and led to “a 12 percent drop in goods production and a 34 percent drop in the production of energy-intensive goods.”
But left-wing activists claim RGGI is a success and denounce Youngkin’s order.
“This is a shocking and troubling first action out of step with what Virginia communities need.”
Benforado was echoing U.S. Rep. Don Beyer (D-Va.) who previously said a governor can’t pull the state out of RGGI without legislative approval.
Republican state lawmakers in Richmond, who wrested control of the House of Delegates from Democrats in the November 2021 elections, say they will undo costly environmental legislation passed by the Democrats.