The New Jersey legislature is considering a bill (S3545/A4696) called the “Climate Superfund Act” that would make the largest fossil fuel corporations pay for the damages caused by climate change in New Jersey. The bill was passed by the New Jersey Senate Environment and Energy Committee on December 12, 2024, and now has to be passed by the full NJ legislature and signed by Governor Murphy. Modeled after similar legislation passed in New York and Vermont, the bill applies the logic of the original Superfund Act, which requires polluters to pay to clean up their contaminated sites, to the climate crisis. New York’s version would raise up to $3 billion annually for the next 25 years. It is not unreasonable to estimate that New Jersey could receive about $2 billion annually.
We are requesting that the Parsippany Town Council pass a resolution in support of the NJ Climate Superfund Act in order to help offset the financial burdens of climate change on Parsippany residents and businesses. Senator John McKeon, the prime sponsor of this bill, stated that municipal resolutions would be very helpful. Participation in this effort will not involve any financial or legal risk to Parsippany. If this Act is successful, the State will collect this money from the major climate polluters and create grants for municipalities to address the costs of projects for remediation from, and adaptation to, climate change.
Costs that can be covered include, but are not limited to: infrastructure resiliency (e.g., energy efficiency and weatherization upgrades to schools and municipal buildings); flood protection (e.g., upgrades to the Rockaway River flood wall); home buyouts (e.g., buyouts of flood-prone homes in Lake Hiawatha); remediation of toxic algae blooms (e.g., Lake Parsippany); upgrades to stormwater drainage systems; well replacement and water purification due to low water levels caused by droughts; storm recovery and more, which will mitigate climate impacts in Parsippany. This law will reduce the financial burdens of these events on town residents, and in some cases may provide the only means to address these costs…