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07/22/2008 08:19 AM
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New Jersey Cap and Trade Plan May Do Little
SustainableBusiness.com News
A proposed cap-and-trade program to reduce carbon dioxide (CO2) emissions in New Jersey may do little to combat global warming, according to Public Employees for Environmental Responsibility (PEER), a nonprofit association of government workers.
The proposed trading program unveiled this month by the administration of Governor Jon Corzine sets emissions caps above current levels and contains numerous complex offsets and loopholes that undercut its effectiveness, the group says.
"While we are pleased that New Jersey is finally moving, this is a very timid and tentative step," stated New Jersey PEER Director Bill Wolfe, noting that the proposed rule is now open for public comment until September 5, 2008.
The program was designed to minimize economic impacts and. As a result,
the plan places a $2 per ton price cap on emissions in order to hold
any increase in current electric rates to less than 1%--about $5.96 per
year or 50 cents per month for a typical Garden State household.
"How can we cut carbon emissions with caps that are higher than current
emissions?" Wolfe asked. "This plan says fighting global warming is
worth less than 50 cents a month--not even enough for a cup of coffee."
PEER said the 200-plus page proposed rule is honeycombed with industry-specific escape hatches.
The rule is the state's contribution to the Regional Greenhouse Gas Initiative (RGGI), which covers nine other Northeast and Mid-Atlantic States. RGGI only applies to the electric sector and power generators, which account for approximately 30% of New Jersey's greenhouse gas emissions. However, New Jersey imports about 30% of its power, mostly from coal, but these emissions are not counted by RGGI.
As for addressing the lion's share of greenhouse gas emissions, New Jersey is already behind schedule, PEER said, missing a June 30 deadline for releasing a comprehensive plan as required by the Global Warming Response Act signed by Governor Corzine last year.
Website: http://www.peer.org/index.php
