The New Jersey Economic Development Agency wants to hear from stakeholders in the state about the need for investments to support clean energy technology.
On March 10, the NJEDA put out its “Green Fund” request for information – focusing on the logistics of setting up the fund, how best to manage it long-term and how to ensure the greatest benefits for the state. The agency said the RFI is a step toward increasing private investment in the field for the deployment of renewable and efficient energy technologies.
The wide reaching RFI seeks input from organizations and individuals, alike, that have an interest in how the Green Fund would operate including commercial banks; suppliers in the clean energy chain; groups with knowledge of creating or operating green banks, funds or similar financing; specialty lenders; or businesses developing clean initiatives in the state, already. Through the process, NJEDA said it hopes to gain insight as to how to stimulate investment from the private sector, how to reduce the state’s carbon footprint and harmful emissions, and how to provide direct benefits – lower energy costs, good jobs – to residents.
“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,” NJEDA Chief Executive Officer Tim Sullivan said in a prepared statement.
Gov. Phil Murphy’s Energy Master Plan for the state identifies seven ways for New Jersey to meet goals to expand clean energy and reduce greenhouse gas emissions by 2050. According to the NJEDA, the need for private investment is recognized in the plan, and the role the government “can and should play” in mobilizing that capital through new financing opportunities and using public funds to grow private investments.
“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,” said New Jersey Board of Public Utilities President Joseph Fiordaliso in a prepared statement. “This includes establishing a green financing mechanism that works for New Jersey’s business, investors, and workers.”
According to the NJEDA, similar funds have been created in nine states, with more under development, and beyond that in a number of counties and townships throughout the country.
Questions about the RFI must be submitted by 11:59 p.m. EST on March 27 via email to RFI-PotentialGreenFund@njeda.com, with the subject line “QUESTIONS-2020 RFI-OET-CE-102—POTENTIAL GREEN FUND.”
RFI responses must be submitted by 11:59 p.m. EST on April 17 via email to RFI-PotentialGreenFund@njeda.com, with the subject line “RFI Response-2020-RFI-OET-CE-102-Potential Green Fund.”