Bill Would Make Fossil Industry Pay Part Of Huge Costs Of Climate Chaos
The Bill Would Do Nothing To Reduce Greenhouse Gas Emissions
[Update 12/16/24 – The New York State Legislature passed a Climate Superfund bill which is now on Gov. Hochul’s desk: $3 billion per year for 25 years. Once again, NJ way behind NY. ~~~ end update
Update 12/13/24 – Wayne Parry’s Associated Press story does a good job. ~~~ end update]
I must admit that I enjoyed listening to the absolute panic in the voice of Ray Cantor, lobbyist for the NJ Business And Industry Association (NJBIA), as he testified to the Senate Environment Committee today in opposition to the NJ Climate Superfund Act (S3545).
Ray’s voice was shaking and he was clearly in meltdown mode.
His testimony was so deranged and bordering on climate denial that it prompted a sharp rebuke from Chairman Smith, who at the conclusion interjected that he had never more strongly opposed any testimony! Ouch!
SYNOPSIS
“Climate Superfund Act”; imposes liability on certain fossil fuel companies for certain damages caused by climate change and establishes program in DEP to collect and distribute compensatory payments.
I sent the sponsors a note of support, with some ideas for amendments to strengthen the bill.
Fossil industry strict liability and compensation for the damages that their fossil products caused is a great idea, and legislation is superior to litigation to recover these damages, but this bill is limited to adaptation and does nothing to reduce emissions, which has to be priority number 1.
Basically, this bill is a RGGI on steroids.
Global climate activists made the same strategic error by focusing almost exclusively on compensation – not emissions reductions and climate science – in the recent COP29.
Senator McKeon emphasized that the bill was solely a cost recovery bill (not emissions reductions or renewables). He expressed confidence in the legal basis surviving challenge.
McKeon ridiculed the opponents’ criticism that the bill would stop fossil fuels. He noted that Exxon earned $115 billion in profits, and that the bill would recover only a tiny fraction of the Exxon annual profits (just a quarter of one percent).
McKeon made my point.
The bill was released by the Committee with minor technical amendments by a party line 3-2 vote.
I’ll leave the details for future posts and let the NJ media have at it for today’s story.