Bill > A3735

This bill, titled the "Polluters Pay to Make New Jersey More Affordable Act," establishes a program to hold certain fossil fuel companies liable for contributing to climate change and to fund climate adaptation projects in New Jersey. It requires companies that extracted over one billion metric tons of greenhouse gases, measured in carbon dioxide equivalent (CO2e), between 1995 and 2024 to pay a proportional share of $50 billion towards these projects. The bill creates the Climate Adaptation, Resiliency, and Affordability Program within the Department of Environmental Protection (DEP) to collect these payments and oversee their distribution through the New Jersey Climate Adaptation, Resiliency, and Affordability Trust, a newly established public body. The funds will support a wide range of climate change adaptation projects, such as flood protection, infrastructure upgrades, public health initiatives, and workforce development, aiming to protect New Jersey residents, businesses, and natural resources from the impacts of climate change, including rising sea levels, extreme weather, and heat waves. The bill also outlines provisions for the Trust's governance, bond issuance, fund management, and reporting requirements, ensuring transparency and accountability in the allocation of these funds.