Overview
In this report, researchers from the Institute for Energy and Environmental Research (IEER) and PSE Healthy Energy developed a 2030 clean energy pathway for New Jersey, with the ultimate goal of achieving deep decarbonization of the electricity sector by 2050. The report was prepared for the New Jersey Conservation Foundation to help the state meet its goal of 80% greenhouse gas emissions reduction from all energy sectors by 2050 under the Global Warming Response Act (GWRA).
Findings
In summary, we find that a 50% reduction in power sector emissions is necessary, achievable, and affordable with the deployment of 33% in-state renewables by 2030. With careful planning this transition can provide additional resilience, health, equity, economic, and environmental benefits. Our calculations indicate that the cost will be comparable to a business-as-usual approach even without including the benefits of pollutant emission reductions, health improvements, and the hedging value of fuel-free solar and wind energy against natural gas price volatile. Further, it appears advisable for New Jersey to prepare now for nuclear plant retirements though initiating VPPAs for renewable imports and through more vigorous development of offshore wind. These efforts will set the state on a path to achieve deep carbonization by 2050.
Executive Summary
