The question of course is whether this will rapidly overtake JEEM as the "top field journal" in environmental economics. The journal ranking system counts against new journals as it requires the top academics to take a risk with the best work for an uncertain long term outcome.
As the official research journal of the Association of Environmental and Resource Economists, JAERE publishes papers that are devoted to environmental and natural resource issues. The journal’s principal mission is to provide a forum for the scholarly exchange of ideas in the intersection of human behavior and the natural environment. Focusing on original, full-length research papers that offer substantial new insights for scholars of environmental and resource economics, JAERE presents a range of articles that are relevant for public policy, using approaches that are theoretical, empirical, or both.
The strong board and close links to the AERE in the US should ensure that it does well.
So this is good for environmental economists and there will be another highly rated journal so extra capacity? Not so - JEEM is cutting the number of issues so it will be no easier to publish in a top environmental journal.