This bill amends existing legislation to authorize the New Jersey Economic Development Authority (EDA) to utilize funds from the "Global Warming Solutions Fund" for specific 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 includes provisions for various 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 legislation also outlines the allocation of the fund for other purposes, including support for low-income residential programs, local government initiatives to reduce greenhouse gas emissions, and forest and tidal marsh restoration efforts. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 26:2C-51