That's according to not one, but two new studies released this week by the Applied Economic Clinic, which found the state stands to gain an average of $1.3 billion in economic activity and 11,000 well-paying jobs annually.

As part of a plan designed to put an additional 2,000 people to work in the field, the utility said the initiative would provide low- to moderate-income residents with the skills needed to succeed in the sector.

“Clean hydrogen has the promise to expand New Jersey’s diverse clean energy portfolio,” Gov. Phil Murphy said. “Clean hydrogen technology also has the potential to improve net greenhouse gas emissions and harmful air pollutant impacts. Joining together with our regional partners will allow us to build a strong coalition for the development of clean hydrogen technology and cultivate economic growth and opportunity for New Jersey.”

“A key goal of the Energy Master Plan is dramatically reducing greenhouse gas emissions and today’s action by the Board is a massive step in that direction," New Jersey Board of Public Utilities President Joseph Fiordaliso said.

Lawmakers and New Jersey environmentalists — critical of what they characterize as the Murphy administration’s sluggish efforts — are rolling out a much faster policy agenda during the governor’s next four years.

The guideline is meant to curb state emissions over the next decade.

Green energy startups considering New Jersey as their base of operations could get seed grants of up to $75,000 from a new pool of state funds focused on developing technology that would capture or reduce emissions of greenhouse gases and other pollutants.

The technology serves the Murphy administration’s overall goals of developing a “clean energy economy” for the state by the middle of the century, said Joseph Fiordaliso, who heads the NJBPU, which runs the program in coordination with the NJEDA.

The Outerbridge Renewable Connector Project in South Amboy will help the state achieve its goal of providing 7,500 megawatts of offshore wind power by 2035, and 100% clean energy by 2050.

One sets aside $180 million of American Rescue Plan aid for schools and small businesses to upgrade their ventilation and water systems. Another makes New Jersey the 27th state to offer C-PACE financing, according to Environment New Jersey head Doug O'Malley, "the most popular energy efficiency program you haven't heard of,” to commercial property owners.

With its eye on clean energy alternatives, the utility will sell its 6,750-megawatt-generating portfolio to newly formed subsidiaries of private equity firm ArcLight Energy Partners Fund VII LP.

The announcement comes just a day after news that the company was awarded $75,000 under New Jersey's Clean Tech Send Grant Program to develop a battery-recycling technology for lithium-ion batteries.