Bill > S3545

This bill, titled the "Polluters Pay to Make New Jersey More Affordable Act," establishes a program within the Department of Environmental Protection (DEP) to hold certain fossil fuel companies financially responsible for climate change adaptation projects. It aims to collect $50 billion from companies that extracted fossil fuels between 1995 and 2024, based on their proportional contribution to greenhouse gas emissions, which are identified as the primary driver of climate change impacts like rising sea levels and extreme weather events. These collected funds will be deposited into a dedicated "Climate Adaptation, Resiliency, and Affordability Fund" and used to finance projects such as flood protection, infrastructure upgrades, and public health initiatives designed to mitigate the effects of climate change. The bill defines key terms like "climate change adaptation project" and "responsible party," and outlines procedures for assessing and collecting these payments, including options for installment payments and a process for reconsideration of the assessed amounts. It also specifies that at least 51% of the grant funds distributed from the program must benefit "overburdened communities," which are areas disproportionately affected by environmental hazards. The act explicitly states it does not grant the DEP new regulatory authority over emissions or allow responsible parties to pass these costs directly onto consumers or small businesses.

Agriculture and Natural Resources, Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/S3545