Bill > A4696

This bill establishes the Climate Superfund Act, which creates a mechanism to hold certain fossil fuel companies financially responsible for damages caused by climate change in New Jersey. The bill requires the State Treasurer to conduct a comprehensive assessment of climate change-related damages within two years, examining impacts on public health, natural resources, agriculture, economic development, and other areas. Fossil fuel companies that are responsible for more than one billion metric tons of greenhouse gas emissions between 1995 and the bill's effective date will be required to make compensatory payments proportional to their emissions. The Department of Environmental Protection will establish a Climate Superfund Cost Recovery Program to collect these payments and create a dedicated fund for implementing climate change adaptation projects. Responsible parties can pay their cost recovery demand in full within six months or choose a nine-year installment plan. The fund will support projects such as flood protection, infrastructure upgrades, energy efficiency improvements, and other initiatives designed to help communities adapt to and mitigate climate change impacts. The bill also requires annual reporting to the Legislature about the program's activities and mandates that the Department of Environmental Protection develop implementing regulations within two years of the initial damage assessment.

Agriculture and Natural Resources, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A4696