This bill amends Section 7 of P.L.2007, c.340 (C.26:2C-51) to authorize the New Jersey Economic Development Authority (EDA) to utilize funds from the "Global Warming Solutions Fund" for projects aimed at refurbishing or upgrading existing electricity generation facilities. The bill specifies that 60% of the fund will be allocated to the EDA for grants and financial assistance to commercial, institutional, and industrial entities, with a focus on projects that modernize, expand, or extend the lifespan of these facilities. Additionally, the bill introduces new categories of projects eligible for funding, including energy efficiency projects, the construction of new efficient electric generation facilities, and the development of innovative carbon emissions abatement technologies.

Furthermore, the bill clarifies that projects receiving financial assistance must demonstrate a measurable reduction in greenhouse gas emissions, which can be achieved through technologies such as fuel cells or carbon capture. The allocation of funds is structured to support various initiatives, including reducing electricity demand for low- and moderate-income households, promoting local government efforts to reduce greenhouse gas emissions, and enhancing the stewardship of the state's forests and tidal marshes. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 26:2C-51