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.

apnews.com

New Jersey considers new fees on oil and gas companies to fund climate initiatives

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