"Emission Reduction Innovation Act"; authorizes gas public utilities to develop and implement plans to reduce greenhouse gas emissions.

The Emission Reduction Innovation Act authorizes New Jersey gas public utilities to develop and implement "utility innovation plans" to reduce greenhouse gas emissions from natural gas use. These plans can include innovative resources like biogas, renewable natural gas, power-to-hydrogen, carbon capture, hybrid energy systems, and energy efficiency projects. Utilities must submit plans to the Board of Public Utilities for approval, demonstrating they reduce emissions at reasonable cost while meeting state climate goals, with approved plans effective for five years. Utilities can recover implementation costs through rate mechanisms after Board approval, and must provide annual reports on costs, emissions reductions, and progress toward cost-effectiveness objectives.