ASSEMBLY STATE AND LOCAL GOVERNMENT
COMMITTEE
STATEMENT TO
ASSEMBLY, No. 4217
STATE OF NEW JERSEY
DATED: JUNE 24, 2024
The Assembly State and Local Government Committee reports
favorably Assembly Bill No. 4217.
This bill would authorize the New Jersey Economic Development
Authority 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.