NJ S3545

Imposes strict liability on fossil fuel companies responsible for more than one billion metric tons of greenhouse gas emissions during 1995-2024, requiring them to pay a proportional share of $50 billion total for climate adaptation costs in New Jersey

Establishes the Climate Adaptation, Resiliency, and Affordability Program within the Department of Environmental Protection to calculate emissions attributable to each company, issue cost recovery demands, collect payments, and distribute funds

Creates a dedicated Climate Adaptation, Resiliency, and Affordability Fund to finance projects including flood protection, stormwater upgrades, building cooling systems, public health initiatives, grid resilience, and extreme weather response

Requires at least 51% of grant funds be awarded to projects benefiting overburdened communities, with prevailing wage requirements and project labor agreements for construction work exceeding $5 million

Allows responsible parties to pay in full within six months or in 20 annual installments of 5% each, while prohibiting companies from passing costs to residential consumers or small businesses through direct surcharges