This bill proposes the withdrawal of New Jersey from the Regional Greenhouse Gas Initiative (RGGI) and repeals the Global Warming Response Act along with related statutory provisions. It mandates the Commissioner of Environmental Protection to formally notify the RGGI Board of New Jersey's withdrawal, which will take effect 30 days after the bill's enactment. Additionally, all unencumbered funds from the Global Warming Solutions Fund will be transferred to the General Fund for ratepayer relief. The bill also amends existing laws to eliminate references to the repealed acts while retaining provisions that focus on energy efficiency and renewable energy programs unrelated to greenhouse gas emissions regulation.

Furthermore, the bill modifies the Forest Stewardship Incentive Fund and the Electric School Bus Program by removing any provisions that previously allowed the use of funds from the Global Warming Solutions Fund. It clarifies that developers under a redevelopment incentive grant agreement will not be eligible for state payments for charges incurred prior to the bill's effective date in compliance with the Global Warming Response Act. Overall, the legislation aims to streamline New Jersey's energy and environmental regulatory framework while promoting energy efficiency and renewable energy initiatives.

Statutes affected:
Introduced: 13:1L-33, 26:2C-8.58, 48:3-51, 48:3-87, 48:3-87.3, 48:3-119, 48:25-1, 48:25-7, 52:27D-489