NJBIA Deputy Chief Government Affairs Officer Ray Cantor commented on the upcoming Senate Budget and Appropriations Committee vote for Bill S-3545, known as the Climate Superfund Act. The committee is scheduled to consider the bill on January 8.
Cantor stated: “As we have repeatedly stated, this bill will, without question, raise our prices at the pump and cost us more to heat our homes during an affordability crisis.
“It is likely unconstitutional in retroactively assessing tens of billions of dollars to companies providing a legal product essential to our survival and prosperity. And it will do nothing to address climate change.
“Further, no states have followed through on a so-called Climate Superfund Bill this year due in part to the imminent litigation costs they would face, including Massachusetts.
“That said, we are pleased the Legislature has been willing to understand our deep concerns about this bill and is indeed listening and asking the right questions. They know this is not something that should be determined with a few days remaining in a lame duck session.
“We look forward to showing our lawmakers just how damaging and misguided this policy is, and how it will impact every New Jersey resident.”
The proposed legislation aims to hold certain companies financially responsible for environmental damages attributed to their products. Similar measures in other states have faced significant legal challenges that discouraged passage or implementation.
