New Jersey has proposed using federal Sandy relief funds to set up an Energy Resilience Bank that would fund projects to make the state’s energy infrastructure more resilient in the face of extreme weather events. The Bank is an innovative proposal that will help New Jersey prepare for the future in the wake of Superstorm Sandy, which destroyed thousands of homes and businesses, causing human loss and suffering that continues for many today.
Climate change increases the likelihood that New Jersey will continue to be buffeted by storms such as Sandy, which exposed and underscored the need to upgrade to a more resilient, low-carbon energy infrastructure when a third of the state lost power for nearly a week. The Energy Resilience Bank, which will be capitalized at $210 million, would help expedite this process, allowing the state to keep the lights on and residents safer during the next storm. Read More
When Hurricane Sandy barreled through our country’s Northeast nearly a year ago, ravaging coastlines and submerging entire neighborhoods, New Jersey suffered catastrophic effects. The state suffered more than $30 billion in damage, most of it along the Jersey shore, while an estimated 2.6 million households lost power, many of them for weeks. Five days after Sandy hit, a third of New Jersey’s homes and businesses still did not have electricity.
New Jersey Governor Chris Christie immediately sought to restore the state’s most vital infrastructure and was tireless in attracting funds for the relief effort. However, it became clear that it was imperative to not just repair damage caused by Sandy but to upgrade and modernize the state’s outmoded, century-old grid to prevent damage from the next superstorm.
Last week, Governor Christie took a positive step toward upgrading to a smarter, more flexible power grid, which is crucial to resilience, safety, and storm recovery. He announced the allocation of $25 million in federal funds to local governments to develop alternative energy projects designed to make New Jersey’s energy infrastructure resilient and reliable in the face of power outages.