Bill > HB0716

This bill establishes the "Climate Resiliency Fund Act" in Tennessee, creating a comprehensive program to address climate change impacts and hold fossil fuel companies financially responsible for their historical greenhouse gas emissions. The bill creates a Climate Resiliency Fund Program administered by the Department of Environment and Conservation, which will impose cost recovery demands on "responsible parties" - entities that extracted or refined fossil fuels between 1995 and 2025 and are responsible for over one billion metric tons of greenhouse gas emissions. These companies will be strictly liable and required to pay into a fund that will finance climate adaptation projects, such as upgrading infrastructure, implementing nature-based solutions, protecting against flooding, improving energy efficiency, and supporting communities most vulnerable to climate change. The fund will prioritize projects that provide environmental justice, focusing on low-income and marginalized communities. Companies can pay their cost recovery demands in full within six months or opt for a nine-year installment plan. The bill also mandates that the state treasurer conduct a comprehensive assessment of climate change costs to Tennessee by January 2027 and requires the comptroller to audit the program's effectiveness every five years starting in 2031. The ultimate goal is to proactively address climate change impacts, build community resilience, and ensure that fossil fuel companies contribute to mitigating the environmental and economic damages they have caused.

Agriculture and Natural Resources

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0716&ga=114