Bill > H5424

This bill establishes the Rhode Island Climate Superfund Act, a comprehensive program designed to hold large fossil fuel corporations financially responsible for climate change-related costs incurred by the state and municipalities. The act creates a mechanism for the Department of Environmental Management (DEM) to recover funds from companies that have extracted or refined fossil fuels and are responsible for over one billion tons of greenhouse gas emissions between 1990 and 2024. By January 2026, the department must conduct detailed analyses of climate change response work and associated costs, including efforts to protect coastal areas, infrastructure, healthcare, and other critical systems. Responsible parties will be required to pay a proportional share of these costs based on their greenhouse gas emissions, with strict liability provisions and potential penalties for late or missed payments. The bill emphasizes that climate change disproportionately affects vulnerable populations and that the financial burden of mitigation should be shared by those who have most contributed to the problem. The recovered funds will be deposited into a dedicated climate superfund account and used exclusively for qualified climate change response work. The act also preserves existing legal remedies and does not supersede other environmental regulations, providing a flexible and comprehensive approach to addressing climate change impacts in Rhode Island.