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Resolution of the Mayor and Council of Princeton Supporting the Passage of the "New Jersey Climate Superfund Act"
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WHEREAS, the proposed "New Jersey Climate Superfund Act" (S3545/A4696), pending before the New Jersey State Legislature, would impose liability on large fossil fuel companies for certain climate change related damages they caused instead of imposing all those costs on New Jersey taxpayers; and
WHEREAS, New Jersey has experienced deaths and billions of dollars in losses from storms linked to climate change. Hurricane Sandy costs are estimated to be over $29 billion, along with 38 deaths1, while Hurricane Ida caused about $2 billion in costs and 30 deaths.2 From 1980-2024 (as of November 1, 2024), there have been 74 confirmed weather/climate disaster events with losses exceeding $1 billion each to affect New Jersey.3 These costs do not include many others associated with climate change listed below; and
WHEREAS, total global GDP today is about $100 trillion and "climate change is on track to cost the global economy $38 trillion every year in damages within the next 25 years"4; and
WHEREAS, a 2023 report found that extreme climate events cost the U.S. $150 billion each year, excluding costs related to loss of life, healthcare, and ecosystem damage.5 The 2024 catastrophic flooding and destruction caused by Hurricane Helene in western North Carolina alone likely caused at least a record $53 billion in damages and recovery needs6; and
WHEREAS, the effects of climate change on New Jersey municipalities include, but are not limited to, increases in the costs of property insurance, flooding (including clean ups, property buyouts and prevention), public health care costs (costs from injuries, heat, dealing with vector borne diseases and insurance), repair to critical infrastructure such as roads, bridges, sewer systems and wastewater management, installing/maintaining air conditioning i...
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