I try to avoid the NYTimes (and WSJ) editorial pages, but I don't disagree with this one:
On Thursday, [NJ gov. Chris Christie] ... abandoned the 10-state initiative in the Northeast that uses a cap-and-trade system to lower carbon-dioxide emissions from power plants. The program has been remarkably successful, a model of vision and fortitude. Lacking that, Mr. Christie has given in to the corporate and Tea Party interests that revile all forms of cap and trade, letting down the other nine states trying to fight climate change.
The system works by requiring utilities to either lower their emissions or buy allowances to pollute. Money from the allowances goes to states for clean-energy programs. Since it began in 2008, the system has created more than $700 million for these programs; New Jersey has spent some of its share on helping cities become more energy-efficient. Greenhouse emissions from power plants in the region went down about 12 percent from 2008 to 2010 for many reasons, including lower natural gas prices. Programs like the regional initiative are estimated to have produced more than 10 percent of that decline.
Mr. Christie ... claimed this week that the program was not working, a notion that was quickly refuted by five other governors. “Governor Christie is simply wrong when he claims that these efforts are a failure,” said Gov. Martin O’Malley of Maryland. He said they had an equivalent effect of taking 3,500 cars off the road in his state.
For now, at least, the far right has killed cap and trade nationally, but the idea is far from dead. Several Western states are gearing up for a cap-and-trade program; California has been particularly aggressive. The Northeast state compact will survive Mr. Christie’s exit. It is New Jersey that will be the poorer, with less to invest in smarter energy programs, more carbon dioxide and a leadership vacancy at its helm.
Clarifications:
- Corporations don't "revile" all forms of cap and trade. They kinda like cap and trade when allowances are given away.
- The far left, and not so far right are also working to kill cap and trade.
Any other clarifications should be placed in the comments.