The "Climate Superfund Act" establishes liability for certain fossil fuel companies for damages caused by climate change, creating a framework for the Department of Environmental Protection (DEP) to collect compensatory payments from these companies. The bill defines "responsible parties" as entities that have contributed over one billion metric tons of greenhouse gas emissions from January 1, 1995, to the enactment of the bill. It mandates the State Treasurer to assess the damages incurred by the state due to these emissions and requires responsible parties to make compensatory payments proportional to their share of emissions. The bill also outlines the treatment of entities within a controlled group, holding them jointly and severally liable for damages.

The collected funds will be deposited into the newly established "Climate Superfund Cost Recovery Program Fund," which will be used to finance climate change adaptation and resilience projects through a grant program administered by the DEP. The bill includes provisions for the assessment of damages, the calculation of proportional liability, and the collection of payments, as well as requirements for annual reporting on the program's activities. Additionally, the DEP is tasked with adopting rules and regulations to implement the act within two years of the damage assessment completion.