Two business leaders in New Jersey have voiced opposition to the revival of the Climate Superfund Act, arguing that it would result in higher energy costs and potential job losses. Michele Siekerka, president and CEO of the New Jersey Business and Industry Association (NJBIA), and Christina Renna, president and CEO of the Chamber of Commerce Southern New Jersey, outlined their concerns in an op-ed published by NJ Spotlight.
The proposed legislation seeks to impose a $50 billion retroactive penalty on petroleum companies operating in New Jersey for their contribution to global carbon emissions. The bill failed to advance during the 2024-2025 legislative session but has been reintroduced for consideration in the current session. No committee meetings have yet been scheduled regarding its progress, though environmental groups are urging lawmakers to take action during the 2026-2027 legislative period.
Siekerka and Renna described the proposal as “an unfair, misguided and likely unconstitutional cash grab that would damage business, consumers and workers.” They argue that imposing large financial penalties on energy companies will ultimately increase gasoline and energy prices for consumers. Additionally, they noted that companies may spend significant resources contesting such laws in court.
“Let’s be very clear: Businesses don’t just swallow billions of dollars in unforeseen and unfair costs over which they have no control. Forcing them to do so would prove even riskier if companies know they potentially could face future retroactive penalties for delivering a state-permitted product,” Siekerka and Renna wrote.
The NJBIA is recognized as the largest statewide employer association in the United States, representing private-sector employers across multiple industries throughout New Jersey. The organization offers advocacy services, essential information, cost-saving benefits, and works to foster partnerships among businesses, government agencies, and academic institutions. Headquartered in Trenton since its founding in 1910, NJBIA aims to advance its members’ competitive excellence and financial success while supporting collaboration within the state’s business community through various initiatives (https://njbia.org/).
To read the entire op-ed by Siekerka and Renna, visit NJ Spotlight.