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

This bill allows New Jersey gas public utilities to develop and submit "utility innovation plans" to the Board of Public Utilities, aiming to reduce greenhouse gas emissions. The plans must include specific technologies like biogas, carbon capture, renewable natural gas, hybrid energy systems, or deep energy retrofits, with measurable emissions reductions. Utilities can recover costs for approved initiatives through a defined cost recovery mechanism, including capital investments and research expenses. It directly affects gas utilities by enabling them to implement emission-reduction strategies while seeking financial recovery for qualifying projects.