New Jersey considers new fees on oil and gas companies to fund climate initiatives
New Jersey legislators are weighing a proposal to charge fossil fuel companies fees to pay for climate damage and boost infrastructure resilience.
Wayne Parry reports for The Associated Press.
In short:
- The proposed bill would create a Climate Superfund, similar to the federal toxic waste cleanup fund, to help the state recover from climate-related damages.
- Fees on fossil fuel producers would fund climate adaptation grants managed by the Department of Environmental Protection.
- Business groups argue the bill will raise costs for consumers and face legal challenges.
Key quote:
“It’s more important than ever that Gov. Murphy and state legislators protect New Jersey taxpayers and the health of our communities by making polluters pay.”
— Matt Smith, New Jersey director of Food & Water Watch
Why this matters:
New Jersey’s densely industrialized areas are vulnerable to climate impacts. Holding fossil fuel companies financially accountable could help fund necessary infrastructure improvements and mitigate severe weather risks.
Related: Oil industry faces pressure as California activists push for 'polluter pays' bills
