Economic Opportunities from Environmental Harms: The Passaic River Example
description
Transcript of Economic Opportunities from Environmental Harms: The Passaic River Example
![Page 1: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/1.jpg)
![Page 2: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/2.jpg)
Economic Opportunities from Environmental Harms: The Passaic River
Example
Bill Jackson
![Page 3: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/3.jpg)
“NEW JERSEY’S BIGGEST CRIME SCENE”
U.S. Sen. Cory Booker on the Passaic River
![Page 4: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/4.jpg)
![Page 5: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/5.jpg)
![Page 6: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/6.jpg)
![Page 7: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/7.jpg)
DIVISIBILITY IN A RIVER CASE: AS LIKELY AS TIME TRAVEL?
“If we can clean up our world, I'll bet you we can achieve warp drive.” William Shatner
![Page 8: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/8.jpg)
![Page 9: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/9.jpg)
![Page 10: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/10.jpg)
![Page 11: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/11.jpg)
![Page 12: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/12.jpg)
![Page 13: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/13.jpg)
![Page 14: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/14.jpg)
![Page 15: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/15.jpg)
THE STATE DECIDES TO ACT
Focusing on the Risk
![Page 16: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/16.jpg)
![Page 17: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/17.jpg)
State’s 2005 Directive & Litigation
• Source Control Dredge Plan & Directive • NJDEP filed Litigation against Diamond
Entities and Parent Companies seeking:– Past Costs– Declaratory Relief for Future Costs– Economic Damages– Disgorgement and Punitive Damages– NRD Assessment Costs– Fraudulent Transfers & Alter Ego Findings– Attorneys Fees and Litigation Costs
![Page 18: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/18.jpg)
Results to Date • Summary Judgments against Primary Defendants
– Primary Defendants held strictly jointly and severally responsible for all past and future costs
• Settlement with 300 Third-Party Defendants• Settlement with Repsol/YPF/Maxus Parties• Settlements entered in December 2013,
recovered:– $148 Million in Past Costs & Litigation Costs– $17 Million in NRD Restoration Projects– $400 Million in protection against State FFS Costs– Reopeners for all other future costs subject to MSJ
• Economic & NRD Damages Reserved v. OCC
![Page 19: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/19.jpg)
THE REMEDY
April 10, 2014
![Page 20: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/20.jpg)
Focused Feasibility Study • On April 10, 2014, the EPA FFS Remedy Released• One of the largest Superfund remedies ever
proposed • Bank-to-bank dredging of the lower 8-miles• Depths determined by navigational uses• 4 Million cubic yards of contaminated sediments
to be dredged, pressed, dried and shipped out of State for disposal
• Accompanied by a 2-foot cap of the river bottom• Estimated to cost $1.7 Billion ++
![Page 21: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/21.jpg)
![Page 22: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/22.jpg)
RESTORATION OF THE PASSAIC
An Opportunity for Economic Revival
![Page 23: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/23.jpg)
Bridge between Environment and the Economy
• Direct link between the economy and the environment in the river, bay and port cases
• Beneficial impacts on local political bodies and the local community reaction to the Passaic – Surveyed local governments and communities – Evaluated future uses of the Passaic River– Incorporated into Remedy and Restoration Plans
• The Federal NRDA Process• States Can Break Paradigm & Act to
Encourage Immediate Redevelopment and Investment
![Page 24: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/24.jpg)
Economic Benefits of Early Restoration
• Local & NRD Investment in Human Use Projects• Induced Economic Activity and Jobs• Multipliers in the Economy and ROR • Can Yield Enormous Benefits to the Public• Credits for Increased Ecological/Human Services• For Responsible Parties:
– Mitigation of Damages– Credit Mechanisms – Allows Settlements with imperfect information
![Page 25: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/25.jpg)
![Page 26: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/26.jpg)
![Page 27: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/27.jpg)
![Page 28: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/28.jpg)
![Page 29: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/29.jpg)
![Page 30: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/30.jpg)
![Page 31: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/31.jpg)
![Page 32: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/32.jpg)
![Page 33: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/33.jpg)
![Page 34: Economic Opportunities from Environmental Harms: The Passaic River Example](https://reader035.fdocuments.us/reader035/viewer/2022070410/568145d4550346895db2d7ec/html5/thumbnails/34.jpg)