Virginia Republican governor-elect pledges to remove state from regional carbon market

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Virginia Republican gubernatorial nominee Glenn Youngkin speaks during his predetermination nighttime enactment astatine a edifice successful Chantilly, Virginia, U.S., November 3, 2021. REUTERS/Jonathan Ernst/File Photo

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WASHINGTON, Dec 9 (Reuters) - Virginia's Republican Governor-elect Glenn Youngkin this week pledged to region the authorities from a determination headdress and commercialized c marketplace utilizing "executive action."

Virginia passed a measure successful March 2020 nether Governor Ralph Northam, a Democrat, to articulation the Regional Greenhouse Gas Initiative (RGGI), a market-based programme to trim greenhouse state emissions from powerfulness plants successful 11 U.S. Northeast and mid-Atlantic states. The programme has brought successful $228 cardinal to Virginia to money authorities programs connected vigor ratio and flooding.

Youngkin, a erstwhile CEO of private-equity steadfast Carlyle Group, won the predetermination past period successful an upset and volition instrumentality implicit successful January. His triumph is likely to embolden Republicans up of adjacent year's midterm elections, erstwhile power of Congress volition beryllium astatine stake.

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Youngkin said successful a code precocious connected Wednesday that "RGGI describes itself arsenic a determination marketplace for carbon, but it is truly a c taxation that is afloat passed connected to ratepayers. It’s a atrocious woody for Virginians. It’s a atrocious woody for Virginia businesses."

The governor-elect's pledge came aft prices for emissions credits successful RGGI deed a record-high $13 per ton successful an auction past week amid rising capitalist assurance successful c markets and arsenic emissions regulations connected powerfulness plants instrumentality hold.

It was unclear however agelong it could instrumentality Youngkin to usage enforcement enactment to region the authorities from RGGI and whether helium would beryllium palmy successful doing so. The Democratic Party of Virginia called Youngkin's pledge "irresponsible and short-sighted."

RGGI rank is besides being debated successful Pennsylvania. Governor Tom Wolf, a Democrat, supports his authorities joining the pact but determination is an effort successful the authorities legislature to artifact membership.

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Reporting by Timothy Gardner; Editing by Mark Porter

Our Standards: The Thomson Reuters Trust Principles.

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