NJEDA Looks for Input on Possible Launch of Green Fund
The RFI released on Tuesday seeks input from all individuals and organizations that have an interest in how a Green Fund may be established and operate in the state.
TRENTON, NJ—The New Jersey Economic Development Authority is utilizing a request for information to seek input from stakeholders on the possible creation of a “Green Fund” to finance investments in clean energy technology in the Garden State.
The RFI released on Tuesday 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.
NJEDA Chief Executive Officer Tim Sullivan says, “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.”
Gov. Phil Murphy’s New Jersey Energy Master Plan features 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, the NJEDA states.
Currently, 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 in the form of good jobs and lower energy costs.
The RFI is available here: https://www.njeda.com/Bidding-Opportunities-General/Economic-Transformation-RFIs
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.”