Major investors and companies are urging New Jersey lawmakers to advance policies that will accelerate the state’s transition to a clean, modern transportation system and increase the number of electric vehicles (EV) on the road.
The New Jersey Legislature is set to vote on proposed legislation in December that would establish statewide goals for increasing the number of light-duty EVs sold in the state. The bill (S2252/A4819) would also direct $30 million to rebates for EV purchases and invest heavily in a build out of public charging infrastructure.
In a letter delivered to legislative leaders and members of the Murphy administration, more than a dozen investors and companies with significant operations or investments in New Jersey including BMW, DSM, Friends Fiduciary Corp., Hackensack Meridian, IKEA USA, LG, Schneider Electric and Siemens called on lawmakers to pass the proposed legislation in order to send a clear economic signal that the Garden State is ready to lead on the deployment of EVs and their infrastructure.
“Businesses are increasingly investing in EVs as a way to reduce exposure to the volatility of fossil fuel prices and help meet their emissions reduction goals,” they wrote. “Electrifying the transportation sector and powering vehicles with clean energy would also prevent the loss of tens of millions of dollars sent out of the local economy each year to import transportation fuels. Instead, that money could be reinvested in local communities and clean-energy jobs that benefit New Jersey.”
Some of the signatories were among the 30 business leaders who gathered in October to discuss the benefits and challenges of installing electric vehicle charging stations at their facilities and transitioning their corporate fleets to electric. The attendees discussed the significant benefits of EV adoption for the state’s economy. In fact, a Ceres report found that the benefits of increased investment in EV charging infrastructure outweigh the costs by more than three to one.
“Transitioning to a clean transportation system will not only improve the health and prosperity of all New Jerseyans, it also presents a forward-thinking investment opportunity that could make the Garden State a hub for future economic activity,” said Jeff Perkins, executive director of Friends Fiduciary. “We urge New Jersey lawmakers to support policies that will accelerate the transition to a modern transportation system and increase investment in electric vehicles.”
“Many companies are making the switch to electric vehicles to meet sustainability goals and reap the benefits of fuel and maintenance costs,” said Jeff Morris, director of state government affairs at Schneider Electric. “With more companies making the shift to electric vehicles, smart policies that expand the marketplace for electric vehicles can help New Jersey attract these corporate investments and ensure all residents can capture the health and savings benefits that clean transportation can bring to the state.”
"As the most densely populated state in the country, New Jersey is ideally positioned to lead the way toward a clean transportation system that will make the state an even better place in which to work and live,” said Dominique Lueckenhoff, senior vice-president corporate affairs & sustainability at Hugo Neu. “Since such a large scale transition will require both market-driven innovation combined with forward-thinking policy change, this bill is a much-needed step that will attract the investment needed to help make New Jersey an economic hub for EV and clean energy innovation."
Transportation now accounts for more than 40% of greenhouse gas emissions in the Garden State, surpassing emissions from the state’s electric power sector. As the state works to meet its new goal of achieving 100% clean energy by 2050, electrifying the transportation sector will be necessary to meet the state’s mandatory greenhouse emissions reduction requirement set in the Global Warming Response Act of 80% percent below 2006 levels by 2050.