Two business leaders in New Jersey have voiced concerns over the possible revival of the Climate Superfund Act, arguing that it would lead to increased energy costs and job losses if reintroduced in 2026. In an op-ed published by NJ Spotlight, Michele Siekerka, President and CEO of the New Jersey Business and Industry Association (NJBIA), and Christina Renna, President and CEO of the Chamber of Commerce Southern New Jersey, criticized the bill.
The proposed legislation would impose a $50 billion retroactive penalty on petroleum companies operating in New Jersey for their contribution to global carbon emissions. The bill was not passed during the 2024-2025 legislative session but has been brought back for consideration in the current session. No committee hearings are scheduled yet, but environmental organizations are urging lawmakers to address it during the 2026-2027 session.
Siekerka and Renna described the proposal as “an unfair, misguided and likely unconstitutional cash grab that would damage business, consumers and workers.” They warned that imposing large penalties on energy companies could result in higher prices for gasoline and energy as companies attempt to cover these new costs.
“Let’s be very clear: Businesses don’t just swallow billions of dollars in unforeseen and unfair costs over which they have no control. Forcing them to do so would prove even riskier if companies know they potentially could face future retroactive penalties for delivering a state-permitted product,” Siekerka and Renna wrote.
The NJBIA is recognized as the largest statewide employer association in the United States, representing businesses across different sectors throughout New Jersey according to its official website https://njbia.org/. It works to advance its members’ competitive excellence and financial success by providing essential information, advocacy, cost-saving benefits, and fostering partnerships among businesses, government entities, and academic institutions. Michele Siekerka serves as president and chief executive officer of NJBIA https://njbia.org/.
To read the entire op-ed, go here.
