Bill > HB2233

This bill establishes the Extreme Weather Relief Act, creating a program that holds major fossil fuel extractors and refiners financially responsible for climate change costs incurred by Virginia between 1995 and 2024. The legislation creates an Extreme Weather Relief Fund to collect payments from "responsible parties" - defined as entities that have generated over one billion metric tons of greenhouse gas emissions during the specified period. These responsible parties will be strictly liable for cost recovery payments, which will be calculated proportionally based on their emissions. The State Treasurer must conduct a comprehensive assessment by January 15, 2026, detailing the costs of greenhouse gas emissions to the Commonwealth, including impacts on public health, natural resources, agriculture, and economic development. At least 50% of the fund's money will be dedicated to projects in environmental justice communities, with eligible projects including infrastructure repair, direct relief to impacted individuals and businesses, medical care, grid upgrades, and natural resource restoration. Responsible parties can pay their cost recovery demands in full within six months or choose a nine-year installment plan. The program will be administered by the Department of Conservation and Recreation in consultation with other state departments, with annual audits to ensure transparency and accountability.

Business and Industry, Labor and Employment

https://lis.virginia.gov/bill-details/20251/HB2233