New Jersey releases second iteration of RGGI strategic funding plan
New Jersey authorities released the second iteration of the Regional Greenhouse Gas Initiative (RGGI) Strategic Funding Plan, which outlines the state’s investments of auction proceeds from the Regional Greenhouse Gas Initiative.
The second RGGI Strategic Funding Plan: Years 2023 through 2025 expands on the first iteration of the plan and introduces new investments while prioritizing projects that will benefit New Jersey’s environmental justice communities. It was released jointly by the New Jersey Department of Environmental Protection (DEP), New Jersey Board of Public Utilities (BPU) and New Jersey Economic Development Authority (EDA).
“RGGI auction proceeds help fund investments in climate mitigation to grow New Jersey’s green economy while protecting residents, businesses and institutions,” Environmental Protection Commissioner Shawn LaTourette said. “This strategic funding initiative is critical to the mission of ensuring that our most vulnerable communities benefit from projects that will provide environmental justice for decades of pollution impacting public health and quality of life.”
The 2023-2025 plan identifies four initiatives for funding including plan to accelerate healthy homes and building decarbonization; catalyze clean, equitable transportation; strengthen New Jersey’s forests; and promote blue carbon in coastal habitats. These initiative areas reflect the mandates of the Global Warming Solutions Act, and extensive feedback collected during the public outreach process.
“The RGGI Strategic Funding Plan is key to reducing carbon emissions and improving the quality of life, particularly in overburdened communities,” NJBPU President Joseph Fiordaliso said. “The RGGI proceeds will fund important programs to combat and reduce the devastating impact of climate change as we continue to work to amplify and reach Governor Murphy’s goal of 100 percent clean energy by 2035.”
The first RGGI Strategic Funding Plan was released in April 2020 and provided a framework for how the state would invest its proceeds through 2022. It is reviewed every three years and updated to ensure that investments are aligned across agencies to meet the state’s clean energy and greenhouse gas reduction goals.
Since the first plan’s release, RGGI proceeds have funded the launch of several projects such as the NJ Zero Emissions Incentive Program (NJZIP), various DEP electrification projects and the Natural Climate Solutions Grants Program.
“Using RGGI funds to address climate change and prioritize environmental justice will not only mitigate harmful environmental impacts but will also drive economic growth and boost our green economy,” New Jersey Economic Development Authority CEO Tim Sullivan said. “Through programs like NJZIP, the NJEDA is working to reduce pollution and enhance the health of all New Jerseyans, while meeting Governor Murphy’s call to create a more inclusive, equitable economy.”
In conjunction with the plan’s release, the DEP also announced that it is opening another competitive solicitation to invest over $13 million in the purchase of additional electric trucks in overburdened communities.
