Establishes cap and invest program in DEP to regulate major emitters of greenhouse gases.

This bill would establish a cap-and-invest program under New Jersey's Department of Environmental Protection (DEP) to regulate greenhouse gas emissions from major polluters. It directly affects large facilities (like factories or power plants) that emit significant greenhouse gases, requiring them to purchase annual emissions allowances or use offset credits equal to their total emissions over a four-year compliance period. The program sets annual emission limits, creates a system for auctioning allowances, and allows entities to meet obligations through verified emission-reduction projects (offset credits). The DEP must report on implementation annually and develop specific compliance pathways for industries most impacted by the rules.