Bill > HB06280

This bill establishes a Climate Superfund Cost Recovery Program to fund climate change adaptation projects in Connecticut, targeting major fossil fuel companies responsible for significant greenhouse gas emissions. The program will require "responsible parties" (entities that extracted fossil fuels or refined petroleum products between 1995 and 2025 and are responsible for over one billion metric tons of greenhouse gas emissions) to pay into a new fund based on their proportional contribution to climate change. These payments will be used to finance projects that help communities adapt to climate change impacts, such as upgrading infrastructure, implementing flood protections, preparing for extreme weather events, improving public health responses, and creating resilient energy systems. Responsible parties can pay their assessed cost recovery demand in full within six months or choose a nine-year installment plan, with the first payment being 20% of the total and subsequent annual payments of 10%. The Department of Energy and Environmental Protection will administer the program, develop a resilience strategy, and prioritize projects that focus on environmental justice communities and areas most vulnerable to climate change. The bill also requires the State Treasurer to assess the comprehensive costs of greenhouse gas emissions to Connecticut and mandates periodic audits of the program's effectiveness, with the first audit beginning in January 2031.