Bill
Bill > A4217
NJ A4217
Authorizes EDA to use moneys in "Global Warming Solutions Fund" to support projects to refurbish or upgrade existing electricity generation facilities.
summary
Introduced
05/02/2024
05/02/2024
In Committee
06/24/2024
06/24/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill would authorize the New Jersey Economic Development Authority (EDA) to use moneys in the "Global Warming Solutions Fund" to provide grants or other financial assistance to commercial, institutional, and industrial entities to support projects to refurbish or upgrade existing electric generation facilities in order to modernize, expand, or lengthen the lifespan of the facility. The bill would also clarify that projects may result in a measurable reduction of the emission of greenhouse gases (one of the conditions of receiving financial assistance from the "Global Warming Solutions Fund") through the use of fuel cells or carbon capture technology. The "Global Warming Solutions Fund," established pursuant to section 6 of P.L.2007, c.340 (C.26:2C-50), serves as the repository for moneys received from electric power generation facilities pursuant to New Jersey's participation in the Regional Greenhouse Gas Initiative (RGGI).
AI Summary
This bill would authorize the New Jersey Economic Development Authority (EDA) to use moneys from the "Global Warming Solutions Fund" to provide grants or other financial assistance to commercial, institutional, and industrial entities to support projects that refurbish or upgrade existing electric generation facilities. This would help modernize, expand, or extend the lifespan of these facilities. The bill also clarifies that projects may result in a measurable reduction of greenhouse gas emissions through the use of fuel cells or carbon capture technology. The "Global Warming Solutions Fund" receives moneys from electric power generation facilities as part of New Jersey's participation in the Regional Greenhouse Gas Initiative (RGGI).
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Reported out of Assembly Committee, 2nd Reading (on 06/24/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A4217 |
| Analysis - Statement ASL 6/24/24 | https://pub.njleg.gov/Bills/2024/A4500/4217_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/A4500/4217_I1.HTM |
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