New Jersey Assembly Bill A940

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

Establishes Clean Energy Technology Center and Alternative and Clean Energy Investment Trust Fund for purposes of creating clean energy-related employment opportunities; allocates revenues from societal benefits charge to support its activities.

Impact

The formation of the Clean Energy Technology Center represents a significant change in how New Jersey supports and implements clean energy initiatives. The center will administer a fund financed by revenues from the societal benefits charge, aimed at stimulating the clean energy economy. The fund will not only provide loans and loan guarantees to businesses and educational institutions but also promote research and development in advanced clean technologies. Moreover, the legislation targets community upliftment by ensuring access to quality jobs for low and moderate-income populations in the clean energy field.

Summary

Assembly Bill A940 establishes the Clean Energy Technology Center and the Alternative and Clean Energy Investment Trust Fund in New Jersey. The primary purpose of this legislation is to create employment opportunities in the clean energy sector. The center will act as the state's lead agency, collaborating with the New Jersey Economic Development Authority to promote jobs within this rapidly expanding industry. This legislative move reflects New Jersey's commitment to advancing clean energy technologies and aligning state economic development strategies with sustainable practices.

Contention

Despite the potential benefits, there may be points of contention surrounding funding allocations and rules for the distribution of loans. Critics may voice concerns regarding the regulations governing the center’s investment strategies and the implications for local entities. Additionally, establishing such a center raises questions about how existing businesses will be affected, whether by increased competition or changes in regulatory practices. Stakeholders will need to ensure that the administration of the fund remains transparent and meaningful in achieving the desired goals for clean energy growth.