This bill proposes the withdrawal of New Jersey from the Regional Greenhouse Gas Initiative (RGGI) and the repeal of the Global Warming Response Act, along with related statutory provisions. It mandates the Commissioner of Environmental Protection to formally notify 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 from 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 allocations from the Global Warming Solutions Fund and establishing a new program to evaluate the feasibility of electric school buses, with a focus on equity for low-income and environmental justice communities.

Furthermore, the bill introduces various amendments to existing laws related to energy generation and supply, including new definitions and clarifications for terms such as "broker," "community solar facility," and "renewable energy certificate." It emphasizes the importance of transparency in energy sourcing by requiring electric power suppliers to disclose information about their fuel mix and emissions. The bill also modifies the timeline for adopting emissions portfolio standards and outlines renewable energy portfolio standards to gradually increase the percentage of kilowatt hours sold from renewable sources. Overall, the bill aims to streamline regulations, enhance economic development through targeted tax incentives, and promote the use of renewable energy while addressing environmental concerns.

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