Democratic lawmakers in New Jersey want oil and gas companies to pay for climate change adaptation and resilience projects, joining more than a dozen states that have considered legislation seeking help in mitigating damage from more frequent and intense storms.
The Senate Environment and Energy Committee on Monday approved legislation on a party-line vote that would charge fossil fuel companies $50 billion over 20 years to fund a variety of climate mitigation and other projects, including flood protection, home buyouts, stormwater drainage system upgrades, and defensive upgrades to roads, bridges, railroads and transit systems.
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