NJEDA Seeking Stakeholder Input on Potential Green Fund to Support Clean Energy Tech
TRENTON, N.J. (March 10, 2020) – The New Jersey Economic Development Authority (NJEDA) today released a request for information (RFI) seeking input from stakeholders on the need for a “Green Fund” to support investments in clean energy technology. This is an important step toward increasing private investment in the deployment of clean energy technologies such as energy efficiency and renewable energy.
“Investing in New Jersey companies that are deploying solutions to pressing clean energy challenges is not only critical for protecting our environment, but is also an opportunity to bolster our economy and create good jobs for New Jersey residents,” said NJEDA Chief Executive Officer Tim Sullivan. “This RFI is an important first step that will pave the way for us to create a green financing mechanism, such as a Green Bank or a Green Fund, that effectively channels public and private funding to achieve our bold clean energy goals.”
Governor Murphy’s New Jersey Energy Master Plan sets forth a robust, actionable set of seven strategies and recommendations to enable the State to achieve its ambitious commitments to expanding clean energy and reducing greenhouse gas emissions between now and 2050. The plan recognizes that meeting these commitments will require a significant amount of private capital investment—and that New Jersey’s government can and should play a critical role in mobilizing this capital by expanding opportunities for innovative and low-cost financing and leveraging public dollars to grow private sector investment.
“Achieving the goals outlined in the Energy Master Plan is critical to protecting New Jersey’s environment and long-term economic success. In issuing this RFI, we’re doing the work today to ensure we’ll have the capital investments we’ll need tomorrow to deploy cleantech solutions on a large scale. This includes establishing a green financing mechanism that works for New Jersey’s business, investors, and workers,” said New Jersey Board of Public Utilities President Joseph L. Fiordaliso.
To date, financing mechanisms similar to the fund the NJEDA is considering have been established in nine states and a number of municipalities and counties across the United States. Green financing mechanisms are also under development in several other states. The NJEDA is considering a wide range of approaches to establishing and operating a Green Fund that will achieve the State’s goal of stimulating private sector investment in clean energy; rapidly reducing New Jersey’s carbon footprint and the emission of harmful pollutants into the State’s air and water; and providing direct economic benefits to New Jersey residents such as good jobs and lower energy costs.
The RFI released today seeks input from all individuals and organizations that have an interest in how a Green Fund may be established and operate in the State, including commercial banks, specialty lenders, businesses developing clean energy initiatives in New Jersey, current and potential suppliers within the clean energy supply chain, and organizations with specialized knowledge and expertise related to the creation and operation of green banks, green funds, and similar financing mechanisms. The questions focus on standing up the proposed Green Fund as well as how to best manage it over the long term to ensure the greatest benefit for New Jersey.
The RFI is available here: https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs
All questions concerning this RFI must be submitted in writing no later than 11:59pm ET, on March 27, 2020 via e-mail to: RFI-PotentialGreenFund@njeda.com. The subject line of the e-mail should state: QUESTIONS-2020 RFI-OET-CE-102—POTENTIAL GREEN FUND.” Answers to questions submitted will be publicly posted on the Authority’s website on or about April 2, 2020.
All RFI responses must be submitted in writing no later than 11:59pm ET, on April 17, 2020 via e-mail to: RFI-PotentialGreenFund@njeda.com . The subject line of the e-mail should state: “RFI Response-2020-RFI-OET-CE- 102-Potential Green Fund.”
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
