NJBIA President and CEO Michele Siekerka issued the following statement  regarding the decision by the Legislature to not further advance the Climate Superfund Act/Polluters Pay. 

While purported to be a funding mechanism for future climate resiliency projects, NJBIA has maintained that it is one of the most anti-business bills in state history as it retroactively penalizes New Jersey fossil fuel companies $50 billion for legally providing an essential product used by all New Jerseyans, including supporters of the bill. 

“We thank the Senate and the Assembly, as well as leadership, for having the good sense and to hold this bill today. We thank the members who put affordability first, as well as the thousands of New Jersey voices, including those from business and labor, that took the time to oppose this bill.

“Up until this point, it has been disappointing to see it make its way through the Legislature, given the enormous impact it would have on affordability and jobs in New Jersey.

“In addition to the extra energy costs it would impose on New Jersey households, this bill sets a chilling precedent that any job creator in our state could be retroactively targeted for billions of dollars in penalties, even if it complied with the law, regulations and its permits.

“That is nothing short of business hostility, in a state already challenged by its business reputation.

“Given the fact that New Jersey is a coastal state with a long history of extreme weather and flooding, we do agree with sponsors and supporters that conversations need to take place regarding future resiliency funding. And we hope to have those conversations with ALL sides represented – government, environmentalists, business, labor and industry – to see the best way to go about it.

“But sadly, this bill instead is an attack, one to impose great damage to an industry that is essential to our economy, one that provides essential jobs to thousands of workers, and one that provides a product that is essential to all of us.

“It needs to go away permanently.”