Bill > H1014

This bill establishes a Climate Change Adaptation Cost Recovery Program that requires certain fossil fuel companies to pay into a special fund to finance climate adaptation projects. Specifically, the bill creates a mechanism to charge fossil fuel businesses that extracted significant amounts of fossil fuels between 1995 and 2024 a proportional "cost recovery demand" based on their greenhouse gas emissions. The program aims to generate funding for projects that help communities adapt to climate change, with a requirement that at least 40% of funds benefit environmental justice populations. These adaptation projects can include upgrading infrastructure like storm water systems, preparing for extreme weather events, implementing coastal protections, improving energy efficiency, addressing urban heat island effects, and supporting agricultural and ecosystem resilience. The Department of Energy and Environmental Affairs will conduct a climate cost study to estimate the total economic impact of greenhouse gas emissions, determine each responsible party's liability, and issue cost recovery demands. Responsible parties can pay their assessed amount in full or in 24 annual installments. The bill also requires the department to develop a statewide climate adaptation master plan and ensures that funded projects comply with prevailing wage requirements and, for larger projects, may require the use of apprenticeship agreements. The goal is to create a structured, equitable approach to financing climate adaptation efforts by holding major fossil fuel producers financially accountable for their historical emissions.

Agriculture and Natural Resources

https://malegislature.gov/Bills/194/H1014