Bill > S588

This bill establishes a Climate Change Adaptation Cost Recovery Program that creates a mechanism for fossil fuel companies to pay for climate change adaptation projects in the state. The program requires fossil fuel businesses that extracted more than one billion metric tons of greenhouse gases between 1995 and 2024 to pay into a new Climate Change Adaptation Superfund. The department will conduct a climate cost study to estimate the total costs of greenhouse gas emissions and determine each responsible party's share of payments based on their historical emissions. The fund will support a wide range of climate adaptation projects, including upgrading infrastructure, preparing for extreme weather events, implementing nature-based solutions, improving energy efficiency, and addressing environmental justice concerns. At least 40% of the funds must be allocated to projects benefiting environmental justice populations. Responsible parties can pay their cost recovery demand in a lump sum or through 24 annual installments, with the first payment being 10% of the total. The bill requires the department to develop a statewide climate adaptation master plan, collaborate with various state agencies, and conduct independent evaluations of the program. The legislation also includes provisions for prevailing wage requirements, potential apprenticeship agreements for large projects, and a preference for using US-produced steel and iron in funded projects.

Agriculture and Natural Resources

https://malegislature.gov/Bills/194/S588