“Let’s Get It Done”: Senate Budget Democrats Say It’s Time to Pass Polluters Pay Act

Senate Budget Committee members say now is the time to make fossil fuel companies pay for $50 billion in climate damages and take the burden off of taxpayers and ratepayers

TRENTON, NJ — As lawmakers work to finalize next year’s state budget, Senate Budget Democrats called for the Polluters Pay to Make New Jersey More Affordable Act (S2338) to be put up for a vote before the budget is passed. The bill advanced out of the Assembly Appropriations Committee on Tuesday, sending the bill to the Assembly floor. Lawmakers have  until June 30 to pass a new state budget.

“Beginning with Superstorm Sandy, our state has been ravaged by the effects of climate change,” said Senator Patrick Diegnan (D-Middlesex), Polluters Pay Act co-sponsor and member of the Senate Budget Committee. “Towns throughout our state are facing extreme weather events including historic flooding in Middlesex and Union counties. As we prepare to finalize the state budget, we need to ensure this legislation will provide the necessary funding to help our residents cover the cost of recovery. It is only fair that those entities that are responsible pay their fair share. Let’s get it done.”

The Polluters Pay Act would require the world's largest fossil fuel companies to pay $50 billion over 20 years toward climate damages that New Jersey taxpayers now cover in full through rising property taxes, utility bills, and insurance premiums.

“For years, New Jersey has suffered as a result of the careless actions of large corporate polluters,” said Senate Budget Committee Vice Chair Linda Greenstein (D-Mercer), co-sponsor of the bill. “Polluters Pay will hold big fossil fuel companies accountable for their role in causing the increasingly damaging effects of climate change. From devastating heatwaves to more severe storms, our communities need more funding to mitigate the impact of these disasters. As we work to finalize the budget, polluters causing the damage should be the ones to pay for it.”

The Polluters Pay Act would fund new infrastructure, flood prevention, and climate resiliency projects across the state without raising taxes or fees on residents or businesses. New York and Vermont have already passed similar legislation. Economists have noted the bill will save New Jersey taxpayers billions of dollars.

"The time is now. Any delay in the bill's passage would mean taxpayers and ratepayers continue to pay more while the big oil companies don't pay their fair share,” said Senator Renee Burgess (D-Essex), co-sponsor and Budget Committee member. “Families and businesses have had enough of bearing the brunt of increased flooding and extreme heat and this bill will improve our roads, make transit more reliable, and reduce the costs of electricity.”

The Polluters Pay Act would fund new infrastructure, flood prevention, and climate resiliency projects across the state without raising taxes or fees on residents or businesses. New York and Vermont have already passed similar legislation. Economists have noted the bill will save New Jersey taxpayers billions of dollars.

The bill currently has 19 Senate and 43 Assembly co-sponsors.