Ilya Marritz covers business for WNYC.
New Jersey Governor Chris Christie announced on Thursday he will withdraw the state from a greenhouse gas emissions reduction program by the end of the year.
The cap-and-trade program — the Northeast Regional Greenhouse Gas Initiative — requires power plants in 10 northeast states to buy emissions credits for every ton of carbon dioxide released into the atmosphere.
In recent months, Christie cast doubt on the science of global warming, and eliminated the state's Office of Climate Change.
"The whole system is not working as it was intended to work," Christie said. "It is a failure."
But State Senate President Steve Sweeney said the program "has wide-spread support and its principles are largely endorsed by the people of New Jersey. Removing New Jersey from RGGI can only cause harm to our state’s environment."
The New Jersey Sierra Club called the move "an environmental disaster."
Proceeds from the program have been used to fund energy efficiency and environmental programs. Last year, Christie raided the fund to help balance the state's budget.