Establishes low-carbon transportation fuel standard program in DEP.

S 2318 establishes a low-carbon transportation fuel standard program in New Jersey, requiring gasoline and diesel refiners, wholesalers, importers, and alternative fuel producers (who choose to participate) to meet annual carbon intensity standards for transportation fuels. The program mandates a 10% reduction in the average carbon intensity of gasoline and diesel by 2030 compared to 2019 levels, measured using the GREET model to assess life-cycle emissions. It creates a credit-trading system where producers of low-carbon fuels earn tradable credits to offset deficits from higher-carbon fuels, administered by the Department of Environmental Protection. This directly affects fuel suppliers and producers, aiming to reduce transportation-related greenhouse gas emissions while incentivizing cleaner fuel markets.