Bill > SB682

This bill establishes the Climate Superfund Cost Recovery Program within Oregon's Department of Environmental Quality to recover the costs of climate change from fossil fuel companies. The program will assess and charge responsible parties (primarily fossil fuel businesses that extracted or refined fuels between 1995 and 2024) a cost recovery demand based on their proportional share of greenhouse gas emissions. The bill defines a complex methodology for calculating these demands, which will be based on the total greenhouse gas emissions of each entity, with companies in a controlled group being treated as a single entity and jointly liable. The recovered funds will be deposited into a new Climate Superfund Cost Recovery Program Account and used to support climate change adaptation projects, including nature-based solutions like stabilizing floodplains, adapting infrastructure, and building early warning systems. The program includes provisions for payment plans, appeals, and a requirement for the State Treasurer to conduct a comprehensive assessment of climate change costs. Additionally, the bill mandates that 20% of the collected funds be equally distributed among Oregon's nine federally recognized Native American tribes and requires the Secretary of State to audit the program's effectiveness every five years. The bill takes effect 91 days after the 2025 legislative session adjourns and includes initial funding of $600,000 to implement the program.

Agriculture and Natural Resources

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB682