New Jersey to Devote Cap-and-Trade Revenue to Electrifying Transportation

  • Date: 04/21/2020

New Jersey plans to devote about three-quarters of its revenue from the Regional Greenhouse Gas Initiative (RGGI) to electrifying transportation.

electrifying transportation

By Lightspring/Shutterstock.com

The state this year rejoined RGGI, a 10-state cap-and-trade program for the power sector. By participating in RGGI’s quarterly greenhouse gas allowance auctions, New Jersey expects to earn $240 million over three years.

New Jersey intends to spend 75% of its RGGI revenue on transportation, 15% on a “green bank” and 10% on bolstering its coastal and forest habitats, according to a plan released April 17.

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