New Jersey’s new “economic development master plan” is embedded in a report issued by the NJ Economic Development Authority titled “The State of Innovation: Building a Stronger and Fairer New Jersey.” First accounts of the report, such as this one from NJBIZ, mentioned a focus on wage growth, on community college education, on innovation, and on streamlining regulations for small business, but did not specifically mention that clean energy is a major part of the “innovation” focus.
Murphy unveils NJ economic development ‘master plan’
Gov. Phil Murphy announces his major economic agenda on Oct. 1, 2018 at ON3 biotechnology campus in Nutley. – (EDWIN J. TORRES/NJ GOVERNOR’S OFFICE)
Gov. Phil Murphy on Monday unveiled his “master plan” aimed at reimagining how the state attracts and keeps jobs and businesses and kick starting New Jersey’s economy, which he said lagged for the past decade under the administration of Chris Christie.
Murphy, at the ON3 biotechnology campus in Passaic County, said his goal is that by 2025 New Jersey will have added 300,000 new jobs, achieved a 4 percent wage growth or an increase of $1,500 in median wages, 40,000 more women and minorities working in STEM fields, $645 million in new venture capital investment, and the employment of 42,000 more women and minorities.
More broadly, Murphy’s economic outline has four parts – investment in people, investment in communities, a build-up of the innovation economy and making government work better for small businesses by streamlining much of the permitting and application processes and bureaucracies online.
Which led us initially to wonder “where’s the green in Murphy’s new economic master plan?” Fortunately the answer is pretty clear—it’s a key part of the Innovation Economy, and already getting some new attention at the agency.
You may have caught the release of the latest IPPC report two weeks ago. That report, Global Warming of 1.5 degrees Celsius (IPPC 2018), found that the intense damage of droughts, floods, and everything that goes with that, anticipated to occur at 2 degrees Celsius above preindustrial levels, will occur at this lower concentration, and earlier, by 2040.
It mentions the term “transformation,” saying “avoiding the damage requires transforming the world economy at a speed and scale that has ‘no documented historic precedent” “within just a few years (Davenport 2018).” We’ll mention that term a little later. But a major implication is that we’re going to have to extend our reach, the required speed of getting there, and fundamentally question business-as-usual assumptions which, consciously or not, justify seeking the much smaller, incremental levels of change we usually pursue and, to those of us on this issue, had seemed acceptable.
However, the report says levels of greenhouse gas emissions would have to drop to zero by 2050 (which sounds like a close cousin to New Jersey’s 100% renewable energy goal).