New Jersey RFI Kicks-off Green Bank Formation

New Jersey is taking the first step to create a green bank of its own. On Monday March 9, the New Jersey Economic Development Authority (NJEDA) issued a Request for Information (RFI) seeking input from a wide range of parties to inform the design and formation of a new green financing mechanism.

The RFI is posted on NJEDA’s website, and is seeking responses by April 17, 2020.

This RFI marks the first concrete step taken by the Murphy Administration to kick-off the green bank formation process. Though there has been much work behind the scenes, and multiple recommendations in various reports to create such a financing mechanism, this begins the formal effort to launch the green bank.

“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 Energy Fund that effectively channels public and private funding to achieve our bold clean energy goals.”

CGC Executive Director Jeffrey Schub said, “This RFI is a true milestone for New Jersey. After years of diligent work from leaders in and out of government, the wheels are now in motion to start the green bank. The timing could not be better, with a significant energy transition underway in the state, and potential green bank funds from a federal Climate Bank being considered in Congress. NJEDA is the right agency to lead this process, and the green bank community is here to support them.”

As CGC previously wrote, the idea of a NJ green bank has appeared across multiple reports and plans put forward by the state. The most recent public statement came two weeks ago with the release of the Governor’s budget. The proposal included using funding from the state’s Clean Energy Program to help launch the green bank.

More details on the RFI can be found here: RFI for Potential Green Financing Mechanism to be Established by the State of New Jersey.

Responses are due April 17, 2020, and can be email to: RFI-PotentialGreenFund@njeda.com.

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