Reversing yet another policy of predecessor Chris Christie, Gov. Phil Murphy on Monday announced he's returning New Jersey to a regional pact designed to fight climate change.

Murphy, a Democrat, signed an executive order to begin putting New Jersey back into the Regional Greenhouse Gas Initiative, a multi-state cap-and-trade agreement that Christie, a Republican, shunned as "gimmicky."

"Leaving RGGI, as it is called by most, made us an outlier in our own neighborhood," Murphy said during a news conference at the SeaStreak ferry in Highlands. "It signaled a retreat from a comprehensive and collaborate effort to curb the carbon emissions that contributed to climate change."

"It was a decision that, frankly, lacked any common sense," he added about Christie's 2012 move to pull New Jersey out of the pact.

Under RGGI, power plant operators have credits for the amount of carbon dioxide that they emit. The power plant operators buy the carbon credits at quarterly auctions.

The proceeds from the auctions are used to fund renewable energy and energy efficiency projects throughout the member states.

Christie explained that he pulled New Jersey out of RGGI because it was "not effective in reducing greenhouse gases and is unlikely to be in the future." Christie also argued that the program led to increased energy costs for New Jersey residents.

But Murphy -- who was sworn in Jan. 16 to succeed Christie -- said that while New Jersey had long been a model for environmental policy, the state "lost that part of our soul" under his predecessor the last eight years.

The new governor argued that returning to RGGI was needed because New Jersey is a coastal state that's vulnerable to climate change -- especially just five years removed from Hurricane Sandy.

"We know what happens with these increasingly more powerful storms we saw with Sandy," said U.S. Rep. Frank Pallone, Jr., D-6th District, who joined Murphy at the news conference. "We know what happens if the sea level rises and the threats with the coastal communities. ... This is a bipartisan issue in New Jersey."

With New Jersey back in, RGGI will have 10 members. Virginia is considering joining the pact, as well. If Virginia joins, the 11-member agreement would represent the world's fourth-largest economy, according to the Acadia Center, a nonprofit group that advocates for the expansion of clean energy.

Murphy also noted that New Jersey lost $279 million in revenue by leaving the agreement and that returning to it will create jobs. According to analysis from Acadia Center, New Jersey has forgone $232 million in RGGI auction revenue since the state left the regional program.

The executive order bypasses an effort by state lawmakers to rejoin RGGI through legislation.

A bipartisan bill in the state Senate (S611) had recently advanced out of the Senate environment committee. Under the measure, New Jersey would rejoin the RGGI, but with caveats that would have stopped future governors from unilaterally exiting the pact like Christie had.

State Sen. Bob Smith, D-Middlesex, urged Murphy to still sign that legislation to make sure the Legislature has consent should the issue ever arise again.

"We know we're going to have a very green governor for the next eight years, but we have to worry about the governors after him," Smith said.

Officially, the executive order directs the state's Department of Environmental Protection and Board of Public Utilities to immediately begin negotiations with states that belong to RGGI about how to bring New Jersey back into the fold.

Murphy's office said the DEP will begin writing rules and guidelines within 30 days.

Environmentalists praised Murphy's move. Doug O'Malley, director of Environment New Jersey, called "RGGI is a light of climate action in the darkness of climate rollbacks" of President Donald Trump's administration.

"While RGGI is not a silver bullet to reduce all our carbon emissions, it's an incredible first step to reduce pollution from our fossil fuel plants and move us to a clean, renewable energy economy," O'Malley said.

Jeff Tittel, the state director of the Sierra Club, called Monday a "great day for New Jersey."

Rejoining RGGI was part of Murphy's campaign platform and was recommended by his transition team.

Other recommendations from the transition team include creating a plan to have 100 percent of New Jersey's energy from renewable sources by 2050 and upholding the carbon emissions standards of the Paris Climate Accord by joining the U.S. Climate Alliance.

Brent Johnson may be reached at bjohnson@njadvancemedia.com. Follow him on Twitter @johnsb01. Find NJ.com Politics on Facebook.

Michael Sol Warren may be reached at mwarren@njadvancemedia.com. Follow him on Twitter @MSolDub. Find NJ.com on Facebook.