Bill > S727

Introduced Session

This bill would authorize the New Jersey Economic Development Authority (EDA) to provide grants to farmers, using moneys from the "Global Warming Solutions Fund," established pursuant to section 6 of P.L.2007, c.340 (C.26:2C-50), to finance the replacement of inefficient or polluting agricultural equipment with more efficient, less polluting equipment. Under current law, the EDA is authorized to use moneys in the "Global Warming Solutions Fund" to provide grants and other forms of financial assistance to commercial, institutional, and industrial entities to: (1) support end-use energy efficiency projects and new, efficient electric generation facilities that are state of the art; (2) develop combined heat and power production and other high efficiency electric generation facilities; (3) stimulate or reward investment in the development of innovative carbon emissions abatement technologies with significant carbon emissions reduction or avoidance potential (4) develop qualified offshore wind projects; and (5) provide financial assistance to manufacturers of equipment associated with qualified offshore wind projects. This bill would add agricultural entities to the types of entities eligible to receive funding, and would add the replacement of inefficient or polluting agricultural equipment with more efficient, less polluting equipment to the list of the types of projects authorized to receive funding. As provided under current law, the EDA, in consultation with the Board of Public Utilities (BPU) and the Department of Environmental Protection (DEP), would be authorized to determine the process by which the grants would be applied for and awarded. However, the bill would require the application process for a grant to finance the replacement of agricultural equipment to require the applicant to demonstrate that the old equipment has been dismantled or otherwise permanently decommissioned. The "Global Warming Solutions Fund" serves as the repository for funds generated from the sale of greenhouse gas emissions allowances under the Regional Greenhouse Gas Initiative (RGGI). The EDA receives 60 percent of moneys appropriated by the Legislature from the fund each year, while the BPU and the DEP each receive 20 percent.

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Bob Smith (D)*,  Douglas Steinhardt (R)*,  Vin Gopal (D), 

Introduced in the Senate, Referred to Senate Environment and Energy Committee (on 01/09/2024)

Official Document