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New Jersey Bows out of RGGI

New Jersey Governor Chris Christie today announced that New Jersey will withdraw from RGGI, the Northeast regional greenhouse gas emissions trading program, by the end of the year. Although New Jersey generated $113 million from sales of pollution allowances, Governor Christie deemed the program a "failure." Yet, New Jersey has met its greenhouse gas emissions targets. Still, emissions allowances in the RGGI program have been trading at less than $3 a ton over the last two years, with a cap set too high.

It remains to be seen whether New Jersey's withdrawal will have an impact on the trading price and emissions reductions.

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