NJ pension managers invest more in clean energy but won’t divest its fossil-fuel holdings

Fund to put $600M in ‘global transition fund,’ while treasury warns investments can’t be used solely to speed move to carbon-free future

By JOHN REITMEYER, BUDGET/FINANCE WRITER/ NJ Spotlight 

New Jersey’s public-worker pension-fund managers are preparing to make another big climate-related investment while they continue to resist calls to immediately divest all holdings in fossil-fuel companies.

Up to $600 million in pension-fund assets will be committed to a Canada-based investment firm’s “global-transition fund,” according to a proposal reviewed on Wednesday by members of the New Jersey State Investment Council.

The fund administered by Brookfield Asset Management is looking to turn a profit by backing renewable energy utilities and other companies pursuing decarbonization, according to the investment proposal.

That investment marks the pension fund’s latest attempt to generate returns by pursuing opportunities related to climate change and the shift away from fossil fuels that have been linked to global warming. Earlier this year, pension-fund managers also announced they were pursuing a $200 million stake in a California-based private-equity fund called TPG Rise Climate.

But the latest policies drafted by the state Department of Treasury’s Division of Investment indicate fund managers will not be pursuing an immediate fossil-fuel divestment strategy, one many environmentalists have been pressing them to do. In recent months, New Jersey has faced everything from air-quality alerts triggered by wildfires to widespread flooding caused by hurricanes and other major storms.

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Judge rejects Trump tariffs on imported solar panels

By Jonathan Stempel Metro US

NEW YORK (Reuters) – A U.S. judge overseeing trade issues on Tuesday overturned a decision by then-President Donald Trump to allow a reimposition of tariffs on some imported solar panels.

The decision by Judge Gary Katzmann of the U.S. Court of International Trade is a defeat for some domestic manufacturers.

It came one year after he ruled that Trump’s October 2020 proclamation to revoke a tariff exemption for double-sided, or bifacial, solar panels had not violated an earlier court order.

Trump’s proclamation was a “clear misconstruction” of a law that permits measures to liberalize rather than restrict trade, and “constituted an action outside the President’s delegated authority,” Katzmann wrote on Tuesday.

Shares of First Solar Inc, a large U.S. solar panel manufacturer, fell after the decision and were down 7.1% in late afternoon trading.

The Biden administration had defended Trump, saying he acted lawfully to close a “loophole” that he believed was undermining tariff protections against an “explosive” increase in imports.

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The U.S. Department of Justice did not immediately respond to a request for comment.

Bifacial technology is a small but growing part of the solar panel market, costing more but capable of producing greater power than traditional panels.

Trump had said extending the exemption would likely reduce the effectiveness of tariffs meant to help shield the domestic solar industry against growing imports.

But a trade group, the Solar Energy Industries Association, contended that higher tariffs could wipe out a few billion dollars of domestic investment a year.

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SunPower says its Virtual Power Plants can provide stored energy to utility customers during peak demand periods

By pvbuzz editorial team

California — SunPower announced the launch of its Virtual Power Plant (VPP) solution, enables energy storage customers to get paid for allowing the utility to use stored energy during peak demand and contribute to a more stable power grid in their community

During hours of peak energy demand, like a hot summer day when many air conditioning units turn on at the same time, utilities need additional resources to meet increased demand and simultaneous energy needs. VPPs can enable utilities to extract this energy from efficient, renewable energy resources like distributed solar and energy storage and disperse it among all grid-connected customers to create a more stable and sustainable source of power.

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Through the SunPower VPP, SunPower will coordinate the charge and discharge of participating customers’ battery, sharing energy to the utility on their behalf while reserving some electricity in the battery for backup power to the home when needed. Customers will be notified prior to discharging the battery and can choose to bypass or pre-set their system so their personal backup does not fall below a certain level. In return, customers are compensated by the utility for their participation.

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Four water bills signed into law in New Jersey

TRENTON – In an effort to improve transparency and accountability around water quality, a package of bills sponsored by Senators Joseph Lagana, Linda Greenstein and Troy Singleton, which will update the “Water Quality Accountability Act” and disclose the existence of lead pipes on residential properties, were signed into law on November 8, 2021 by Governor Phil Murphy.

     “Our water infrastructure is widely outdated, and this is just completely unacceptable,” said Senator Greenstein (D-Mercer / Middlesex). “With the help of federal and state funding, we will replace older lead lines throughout the state. Additionally, we will also make sure they are replaced with material that lasts well into the next century and is safe for all New Jerseyans.”

     “Deteriorating lead pipes in residential properties are some of the most dangerous hazards people face in their homes, especially children,” said Senator Lagana (D-Bergen / Passaic). “This new law will create greater transparency to ensure homeowners are aware of the risks. By requiring drinking water tests to be made available to residents, and notifying them of the existence of any lead pipes, we will assist our citizens in having the healthiest drinking water possible.”

 “The transparency around our quality of drinking water has always been one of the most significant issues facing residents especially as lead content has become a pervasive problem in the state,” said Singleton (D-Burlington), who also championed the landmark law requiring the inventory and replacement of lead service lines. “These two new laws are a part of the foundation we build to shape the future of New Jersey’s water infrastructure, and also improve the health and well-being of every resident.”

 The first law, formerly S647, will update the asset management and reporting requirements in the “Water Quality Accountability Act” (WQAA), and call for the Department of Environmental Protection (DEP) to adopt rules involving its implementation.

 The new law will also require water purveyors, as part of their asset management plans, to develop a water main renewal program designed to achieve a 150-year or shorter replacement cycle as opposed to the former requirement of achieving a 150-year cycle as determined by a detailed engineering analysis.

The second law, formerly S828, will require public utilities to notify a local unit and utility of any public utility infrastructure project that it plans to undertake within the borders of that local unit and local utility service area at least 180 days prior to initiating work on the public utility infrastructure project.

The third law, formerly S829, will require property condition disclosure statements to include the presence of lead pipes. In New Jersey, a real estate broker or salesperson is required to provide a disclosure statement that outlines any defects or deficiencies of a residential property, and now a disclosure for lead plumbing. New York, Delaware, Pennsylvania and Connecticut also all require a similar disclosure on the presence of lead plumbing.

The fourth law, formerly S830, will supplement the “Safe Drinking Water Act” to allow customers of a public water system to request to have their drinking water tested, free of charge, for the presence of lead and copper if the water system exceeds the lead or copper drinking water standards. Additionally, the public water system will be required to include a notice on its customers’ bills that advertises the availability of the water tests.

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COP26 climate agreement reached in Glasgow with unprecedented reference to fossil fuels

By Angela Dewan, Amy Cassidy, Ingrid Formanek and Ivana Kottasová, CNN

Glasgow, Scotland (CNN) A COP26 climate agreement was reached on Saturday after marathon talks, including a reference to fossil fuels and their role in the climate crisis for the first time in history.

The final text points explicitly to coal, which is the single biggest contributor to climate change. In all 25 COPs before Glasgow, never has an agreement mentioned coal, oil or gas, or even fossil fuels in general, as drivers — let alone the main cause — of the climate crisis.

A visibly teary COP26 President Alok Sharma made the announcement with strikes of a gavel. He orally amended the most recent draft of the text by watering down the language around fossil fuels after India and Iran raised objections to it. The final agreement now refers to a phasing “down” of coal as opposed to a phasing “out.”

The talks went into overtime as deep divisions remained on key issues on Friday evening, when the conference was originally scheduled to end. In addition to the language around fossil fuels, a key sticking point was the amount of money the developed world should pay the Global South to help it adapt to the climate crisis.

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New Jersey’s surprise winner Durr endorses challenger to governor’s ally

Claire Gustafson will seek rematch with South Jersey Democrat

By David Wildstein, New Jersey Globe

State Sen.-elect Edward Durr (R-Logan) said that former Collingswood school board member Claire Gustafson will seek a rematch against Rep. Donald Norcross (D-Camden) in 2022.

“I will stand with her when she announces and be with her every step of the way,” Durr said. “Let’s move forward together and slay another giant. I promise, together we can do it.”

Durr said that Gustafson “supported me every step of the way” in his upset defeat of Senate President Steve Sweeny in last week’s general election.

Norcross defeated Gustafson by 96,104 votes in 2020, 62%-38%.

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