This bill proposes New Jersey's withdrawal 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 this 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 establishes a three-year Electric School Bus Program, which focuses on evaluating the feasibility of electric school buses, particularly in low-income and environmental justice communities.

Furthermore, the bill introduces amendments to existing laws related to energy and environmental standards, including the removal of definitions pertaining to greenhouse gas emissions portfolio standards and leakage. It emphasizes the importance of renewable energy by expanding definitions related to solar energy and establishing a framework for emissions disclosure by electric power suppliers. The bill also outlines provisions for solar electric power generation facilities, including a registration program for owners and criteria for project approval. Overall, the bill aims to modernize New Jersey's energy and environmental regulatory framework, enhance the role of competitive markets, and promote sustainable energy practices while addressing the economic impacts on ratepayers.

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