Bill > S0259

This bill, known as the "Climate Superfund Act," establishes the Climate Superfund Cost Recovery Program in Vermont. The key provisions of the bill are: 1. It defines "responsible parties" as entities that extracted or refined fossil fuels and were responsible for more than one billion metric tons of greenhouse gas emissions during the covered period from 1995 to 2024. These responsible parties are strictly liable for a share of the costs of climate change adaptation projects in Vermont. 2. It requires the Agency of Natural Resources to determine the proportional liability of responsible parties and to issue cost recovery demands to them. Responsible parties must pay the full amount within six months or can opt to pay in nine annual installments. 3. It creates the Climate Superfund Cost Recovery Program Fund to be used for funding climate change adaptation projects, implementing the state's hazard mitigation plan, and supporting the Community Resilience and Disaster Mitigation Grant Program. 4. It directs the State Treasurer to assess the costs to Vermont and its residents from the emissions of covered greenhouse gases during the covered period and provide a report to the legislature. 5. It provides initial appropriations from the General Fund to the Agency of Natural Resources and the Office of the State Treasurer to support the implementation of the program.

Agriculture and Natural Resources, Budget and Finance, Justice

https://legislature.vermont.gov/bill/status/2024/S.259