Establishes low-carbon transportation fuel standard program in DEP.

This bill establishes a mandatory low-carbon transportation fuel standard program under New Jersey's Department of Environmental Protection (DEP). It requires fuel refiners, importers, and alternative fuel producers to ensure their fuels meet annual carbon intensity limits - aiming for a 10% reduction in greenhouse gas emissions from gasoline and diesel by 2030 compared to 2019 levels. The program creates a credit-trading system where entities exceeding standards earn tradable credits to offset deficits from fuels that fall short of requirements. It also mandates that 40% of credits generated by utilities and state agencies must fund electric vehicle programs in overburdened communities, such as school bus electrification and charging infrastructure. The DEP must implement the program within one year of the bill’s effective date.