Energy

S 2338, the "Climate Superfund Act," imposes strict liability on fossil fuel companies responsible for over one billion metric tons of covered greenhouse gas emissions during 1995-2026 (the "covered period"). It requires these companies to pay compensatory damages into a state fund managed by the Department of Environmental Protection (DEP). The collected funds will finance climate change adaptation projects - such as flood protection, infrastructure upgrades, and heat-resilient housing - as defined in the bill. This legislation directly affects major fossil fuel extraction and refining entities operating in New Jersey during the covered period, establishing a new cost recovery program without requiring proof of negligence.