Towards the beginning of his term, Governor Youngkin withdrew Virginia from the Regional Greenhouse Gas Initiative (RGGI), a cap-and-trade program supposedly aimed at reducing carbon emissions. The Governor has quite rightly criticized RGGI as an unfair "tax" that raises energy costs for Virginia businesses and households without providing meaningful environmental benefits.
According to Governor Youngkin, "Removing Virginia from the RGGI cap-and-tax is the right thing for the Commonwealth's energy market and our energy future." Instead of charging higher prices, Virginia should use profits from energy resources to invest in innovation.
The Governor stated, "This market-based program was designed to incentivize a transition from fossil fuels to renewable sources, but instead it has simply raised gas and electricity prices for consumers in Virginia."
There was an effort this past Session by Democrats to force Virginia back into the RGGI program. Senate Republicans along with the Governor and Republicans in the House successfully stopped this effort, thereby saving Virginians millions in rate increases. Democrats claim that this has "cost Virginia millions of dollars," without acknowledging the millions of dollars it has saved Virginia's electric utility ratepayers.
Governor Youngkin is right, RGGI amounts to no more than a regressive tax on hardworking Virginians through their utility bill. I have always opposed mandates like this one and will continue to stand against programs that will harm Virginians.
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