Bill > SB0702

This bill establishes the "Climate Resiliency Fund Act," creating a comprehensive program to address climate change impacts in Tennessee by implementing a cost recovery mechanism for fossil fuel companies. The bill creates a climate resiliency fund program that will require fossil fuel businesses responsible for more than one billion metric tons of greenhouse gas emissions between 1995 and 2025 to pay into a fund that will finance climate adaptation projects. These projects include implementing nature-based solutions, flood protections, home buyouts, infrastructure upgrades, healthcare programs, and efforts to increase resilience against climate change impacts. The fund will prioritize environmental justice, focusing on communities most vulnerable to climate change, such as low-income and minority populations. The Department of Environment and Conservation will administer the program, develop a resilience implementation strategy, and issue cost recovery demands to responsible parties, who can pay these demands in full or through a nine-year installment plan. The bill requires the state treasurer to assess the total costs of greenhouse gas emissions to Tennessee and mandates that the comptroller conduct periodic audits of the program's effectiveness. The ultimate goal is to proactively address climate change impacts, support community resilience, and hold major fossil fuel companies financially accountable for their historical greenhouse gas emissions.

Agriculture and Natural Resources

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0702&ga=114