Significant Additional Dollars to be Invested to Electrify Transportation in New Jersey
Plan Prioritizes Electrification of Diesel Trucks & Buses & Creates A Green Bank
Highland Park, NJ– New Jersey is becoming the nation’s east coast address for the electrification of transportation. On Friday, April 17, New Jersey announced approximately $180 million dollars over the next three years will be invested in catalyzing clean, equitable transportation. This investment is in addition to $300 million dollars over the next ten years, per a nation leading electric vehicle law Governor Murphy signed last January, that provides rebates for electric cars.
This current investment comes courtesy of last month’s Regional Greenhouse Gas Initiative (RGGI) auction proceeds. The auction was held on March 11th. On April 17th, the RGGI Strategic Funding Plan (Plan) was released detailing how the proceeds will be invested over a three-year period.
“The fact that the significant majority of the RGGI proceeds will be used for advancing clean transportation is appropriate given that the majority of our greenhouse gas and other harmful emissions come from our cars, trucks and buses,” says Doug O’Malley, President of ChargEVC and Executive Director of Environment New Jersey. He continues, “It is also appropriate that the investments will be focused in areas in the state that have been continuously and disproportionately assaulted by decades of dirty air caused primarily by those cars, trucks and buses.”
The RGGI Strategic Funding Plan follows the directives of the Global Warming Solution Fund legislation, that allocates RGGI revenue with 60% dedicated to NJEDA for investments in the commercial and industrial sector, 20% dedicated to BPU with a focus on low-income communities, and 20% dedicated to NJDEP (divided equally between assisting towns and sequestration measures).
A total of 75% of the RGGI funds over the next year – approximately $180 million dollars, will available for investment in initiatives such as electric NJ Transit buses and required infrastructure, electric medium and heavy-duty vehicles like sanitation and drayage trucks, and more electric vehicles at the Port of Newark and Elizabeth. Also expected is an expansion of electric vehicle charging stations via the Department of Environmental Protection’s (DEP) It Pays To Plug In Program.
The remaining 25% of the funds will be divided between the creation and capitalization of the Green Bank (housed at NJEDA) and carbon sequestration/adaptation projects (housed at NJDEP).
“Applying RGGI funds to the electrification of transportation, especially diesel trucks, shows that the State of New Jersey is prepared to put real money where its clean air mandates are,” says James Appleton, President of the New Jersey Coalition of Automotive Retailers. He continues, “The creation of a Green Bank to capitalize the initiative and to spur investment in electric charging infrastructure will create jobs and enable neighborhood new car dealers to sell more electric vehicles.”
ChargEVC applauds the Plan, which is in line with what ChargEVC has been advocating for with respect to RGGI investment over the last year. “In addition to the promise of significantly driving down harmful climate and health emissions, we have demonstrated through analysis electrification of transportation as a highly impactful economic stimulus. It is as clear as the blue skies we enjoy as we drive less, that this stimulus will be a large part of New Jersey’s economic recovery from COVID-19,” says Pamela Frank, CEO of ChargEVC.
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ChargEVC is a not-for-profit coalition of diverse stakeholders that includes retail automotive dealers, utilities, consumer and equity advocates, environmental and labor organizations and technology companies. See Chargevc.org for more information.
FOR IMMEDIATE RELEASE: Contact:
April 20, 2020 Eve Gabel-Frank, 732-589-3055