Bill > SB1652

This bill establishes the Climate Change Adaptation Cost Recovery Program to require fossil fuel companies that have significantly contributed to greenhouse gas emissions to pay into a special fund for climate change adaptation projects. The program will apply to companies responsible for over one billion tons of greenhouse gas emissions between 2000 and 2018, and will assess them a proportional cost recovery demand totaling $10 billion. Companies can pay their assessment in a lump sum or through 24 annual installments, with the first payment due in September 2026. The funds will be used for infrastructure projects like coastal wetland restoration, storm water drainage upgrades, energy-efficient cooling systems, public health programs, and extreme weather event responses. At least 40% of the funds must benefit disadvantaged communities. The Office of Planning and Sustainable Development will manage the program, develop implementation rules, create a statewide adaptation master plan by 2027, and conduct an independent evaluation of the program's effectiveness. The bill also includes provisions for labor standards, job creation, and using U.S.-made products in related projects, ensuring that the climate adaptation efforts not only address environmental challenges but also create economic opportunities for local workers.

Agriculture and Natural Resources

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1652&year=2026