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. The Commissioner of Environmental Protection is tasked with notifying the RGGI Board and signatory states of New Jersey's withdrawal, which will take effect 30 days after the bill's enactment. Additionally, all unencumbered funds in the Global Warming Solutions Fund will be transferred to the General Fund for ratepayer relief. The bill also amends existing legislation regarding the Forest Stewardship Incentive Fund and the Electric School Bus Program, removing references to funding from the Global Warming Solutions Fund.

Furthermore, the bill introduces new definitions and clarifications for various energy-related terms, such as "grid supply solar facility" and "qualified offshore wind project," while deleting outdated definitions related to greenhouse gas emissions. It establishes a framework for the board to implement interim standards for environmental disclosure and outlines a multi-year schedule for renewable energy requirements. The bill emphasizes the importance of maintaining competitive neutrality among providers while promoting renewable energy sources and ensuring compliance with established standards. Overall, the legislation aims to streamline regulations, enhance economic development through targeted tax incentives, and balance the promotion of renewable energy with the preservation of existing nuclear power resources.

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