Virginia should withdraw from RGGI because it is nothing more than a carbon tax based on assumptions that allow participating states to raise revenue under the guise of reducing harmful emissions of CO2.

CO2 emissions are being reduced as cost competitive technologies are developed and come into the market place. To the extent that CO2 is an environmental problem, it is a global one. Global emissions are rising because China, India, and developing countries rely on coal and other fossil fuels to achieve their economic objectives and increase their standards of living.

The economic well-being of Virginia’s citizens is to a large extent determined by reasonably priced and abundant supplies of energy. RGGI and the Virginia Clean Economy Act will cause more harm than good.