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

This bill authorizes gas public utilities in New Jersey to develop and implement "utility innovation plans" aimed at reducing greenhouse gas emissions. It specifically allows utilities to pursue projects like biogas, carbon capture systems, hybrid energy systems, and deep energy retrofits, with the goal of lowering emissions over the entire lifecycle of these projects. Utilities can recover the costs of these initiatives through a defined cost recovery mechanism, meaning customers may see associated rate adjustments. The bill directly affects gas utilities and their ratepayers, enabling them to invest in innovative emission-reduction strategies while aligning with the state's climate goals.