Authorizes EDA to use moneys in "Global Warming Solutions Fund" to support projects to refurbish or upgrade existing electricity generation facilities.

This bill authorizes New Jersey's Economic Development Authority (EDA) to use funds from the "Global Warming Solutions Fund" to provide grants or financial assistance to commercial, institutional, and industrial entities for projects that refurbish or upgrade existing electricity generation facilities. These projects must modernize, expand, or extend the lifespan of power plants, with a requirement that they demonstrate measurable reductions in greenhouse gas emissions or energy demand. The bill allocates 60% of the fund for this purpose, while 20% supports low-income residential energy programs, 10% aids local government climate initiatives, and 10% funds forest and marsh restoration. It specifies that projects must meet clear criteria for emissions reductions, including through technologies like carbon capture, and establishes administrative cost limits for managing the fund.