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 these projects should focus on modernizing, expanding, or extending the lifespan of such facilities. Additionally, it clarifies that projects can qualify for funding if they demonstrate a measurable reduction in greenhouse gas emissions, particularly through the implementation of fuel cells or carbon capture technology.

The bill also outlines the allocation of funds within the "Global Warming Solutions Fund," with 60% designated for the EDA, 20% for programs targeting low- and moderate-income residential sectors, 10% for local government initiatives to reduce greenhouse gas emissions, and another 10% for programs enhancing forest and tidal marsh stewardship. The legislation emphasizes the importance of coordination among agencies to avoid overlap in fund usage and establishes criteria for evaluating projects eligible for financial assistance. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 26:2C-51