Corzine Signing Huge Environmental Bill

EAST RUTHERFORD, NJ-Gov. Jon Corzine will have Al Gore by his side when he signs the Global Warming Response Act in the Meadowlands today, which is being called the nation’s strongest effort to reduce greenhouse gas. The bill will make the Department of Environmental Protection reduce state greenhouse gas levels to 1990 levels by 2020, and 80% below 2006 levels by 2050. The DEP will work groups such as the Board of Public Utilities, the Department of Transportation, the Department of Community Affairs to achieve these goals.

The exact impact on commercial real estate is unknown. New Jersey is already famous for its tough environmental standards for developers. Builders nationwide have been favoring green-building materials and designs recently, both for their energy-efficiency and their selling ability to buyers and tenants.