A 3735"Polluters Pay to Make New Jersey More Affordable Act"; imposes cost recovery payments on certain fossil fuel companies for funds needed for climate change adaptation; establishes program in DEP to collect and oversee distribution of funds.**

Latest change summary

+15105 / −1198 words · LargeConfidence: high

This version adds comprehensive legislative findings and establishes the complete operational framework for a climate cost recovery program targeting fossil fuel companies. The bill creates a mechanism for the Department of Environmental Protection to collect payments from companies responsible for greenhouse gas emissions between 1995 and 2024, with cost recovery demands to be issued within six months of rule adoption. Collected funds flow into the Climate Adaptation, Resiliency, and Affordability Fund and are distributed across eight state agencies through a newly created five-member trust. The trust is authorized to issue up to $50 billion in bonds over ten years (with a $16 billion annual cap) and must develop a Climate Adaptation Master Plan every five years. The framework includes specific fund allocations—25% each to transportation and electric grid improvements, 25% to DEP, 5% each to health and education—and requires at least 51% of grant funds to benefit overburdened communities and 5% to local governments.