Bill > AB1243

This bill establishes the Polluters Pay Climate Superfund Program to require fossil fuel companies to pay for climate change damages in California. The program would require companies that extracted or refined over 1 billion metric tons of fossil fuels between 1990 and 2024 to contribute to a state fund based on their proportionate share of global emissions. Within one year, the California Environmental Protection Agency must conduct a comprehensive climate cost study quantifying the total damages from climate change, including impacts on public health, ecosystems, agriculture, water resources, and infrastructure. The study will calculate a total damage amount covering costs from 1990 through 2045. Responsible parties will be required to pay their assessed cost recovery demand, with the option to pay in 20 annual installments. The collected funds will be deposited into a new Polluters Pay Climate Superfund, which will be used to finance projects addressing climate change impacts, with at least 40% of funds benefiting disadvantaged communities. The bill emphasizes that this program does not limit or replace existing legal remedies for climate-related damages and is designed to help California address the urgent and extensive costs of climate change by requiring fossil fuel companies to contribute to mitigation and adaptation efforts.

Agriculture and Natural Resources, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1243