RGGI

Virginia will leave the multistate market at the end of this year.

The move is a culmination of efforts by Gov. Glenn Youngkin.

Online public comment closes March 31.

The emissions cap-and-trade program, which limits carbon allowances available to member states and reduces the amount of emissions allowed over time, has been a central issue for Youngkin since the campaign.

Extreme precipitation events are becoming more common due to climate change. Environmental advocates and some officials warn that means more flooding, costing Virginia billions of dollars and threatening residents’ safety. Unless protection efforts receive proper funding soon, they warn, the problem will only get worse.

Gov. Glenn Youngkin released a report from the Department of Environmental Quality this week outlining reasoning and recommendations for Virginia to leave the Regional Greenhouse Gas Initiative.

On his first day in office, Gov. Glenn Youngkin ordered state regulators to reassess Virginia’s involvement in a regional cap-and-trade market for carbon emissions and begin the process of leaving the program.

The Virginia Department of Environmental Quality plans to align the state with the Regional Greenhouse Gas Initiative, or RGGI, lowering carbon emissions by 3% each year.