"Emission Reduction Innovation Act"; authorizes gas public utilities to develop and implement plans to reduce greenhouse gas emissions.

The "Emission Reduction Innovation Act" (S 2827) authorizes New Jersey's gas public utilities to develop and implement "utility innovation plans" aimed at reducing greenhouse gas emissions from natural gas use. These plans must detail innovative technologies like biogas, renewable natural gas, carbon capture, and hybrid energy systems, along with projected emissions reductions, cost-effectiveness analyses, and job impact descriptions. The Board of Public Utilities must approve these plans based on criteria including net benefits to ratepayers, lower lifecycle greenhouse gas intensity than conventional natural gas, and reasonable costs compared to alternatives. Approved plans are effective for five years, with utilities required to submit annual progress reports and recover implementation costs through rate increases. The bill also establishes requirements for tracking emissions reductions and verifying environmental benefits to ensure consistency with state climate goals.