New Jersey § 26:2c-54

§ 26:2c-54.

a. Within three months after the enactment of federal law providing for implementation

of a national emissions allowance trading program, the Commissioner of Environmental

Protection shall render an interim decision as to whether the national program is

substantially comparable to the greenhouse gas emissions allowance trading program

in which the State is participating at that time. If the commissioner determines that the national program is substantially comparable

to the existing greenhouse gas emissions allowance trading program being implemented

in the State, then the department shall take such anticipatory administrative action

in advance of the adoption of rules and regulations providing for implementation of

a national emissions allowance trading program in order to minimize any delay in the

State's participation in the national program. b. Within three months after the adoption of rules and regulations providing for implementation

of a national emissions allowance trading program, the Commissioner of Environmental

Protection shall render a final decision as to whether the national program is substantially

comparable to the greenhouse gas emissions allowance trading program in which the

State is participating at that time. If the commissioner determines that the national program is substantially comparable

to the existing greenhouse gas emissions allowance trading program being implemented

in the State, the department shall thereafter sell, exchange, retire or otherwise

convey allowances only as part of the State's participation in the national program. c. The commissioner shall notify, in writing, the Governor and the Legislature pursuant

to section 2 of P.L.1991, c. 164 ( C.52:14-19.1 ) of the decisions made pursuant to this section. d. The determination of the comparability of the programs, pursuant to subsections

a. and b. of this section, shall be based upon the projected percent reductions of

greenhouse gas emissions from electric generating facilities serving customers in

the State under the greenhouse gas emissions allowance trading program being implemented

in the State at the time as compared to the projected percent reductions of greenhouse

gas emissions from electric generating facilities serving customers in the State under

the national program and may consider the value of allowances or allowance auction

proceeds directed to the State or other entity to benefit New Jersey energy consumers. Reductions anticipated through the implementation of other State regulated carbon

reduction initiatives, including but not limited to a renewable energy portfolio standard

or any energy efficiency portfolio standard adopted pursuant to section 38 of P.L.1999, c. 23 ( C.48:3-87 ), shall not be considered in determining the comparability of the programs.