This bill amends existing legislation to authorize the New Jersey Economic Development Authority (EDA) to utilize funds from the "Global Warming Solutions Fund" for grants and financial assistance aimed at refurbishing or upgrading existing electricity generation facilities. The bill specifies that 60% of the fund will be allocated to the EDA for various projects, including end-use energy efficiency, modernization of electricity generation facilities, and the development of innovative carbon emissions abatement technologies. Additionally, it clarifies that projects can demonstrate a measurable reduction in greenhouse gas emissions through the use of fuel cells or carbon capture technology.

The bill also outlines the allocation of the remaining funds, with 20% designated for programs that reduce electricity demand for low- and moderate-income residents, 10% for local government initiatives to lower greenhouse gas emissions, and another 10% for programs that enhance forest and tidal marsh stewardship. The legislation emphasizes the importance of measurable outcomes in reducing greenhouse gas emissions and energy demand, ensuring that the financial assistance provided leads to tangible environmental benefits. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 26:2C-51