Bill > LD1870

This bill establishes the Maine Climate Superfund Cost Recovery Program, which creates a mechanism for certain fossil fuel companies to pay for climate change adaptation projects. Specifically, entities that were involved in extracting fossil fuels or refining crude oil between 1995 and 2024 can be assessed a cost recovery demand if they are responsible for more than one billion metric tons of greenhouse gas emissions. The program aims to secure compensatory payments from these "responsible parties" to fund climate adaptation projects throughout the state. The bill requires that at least 35% of the funds be used for projects benefiting low-income communities with environmental justice concerns. These projects could include infrastructure upgrades, flood protections, energy efficiency improvements, and other initiatives designed to help communities prepare for and respond to climate change impacts. The Department of Environmental Protection will administer the program, develop a resilience implementation strategy, and collect payments from identified responsible parties. Companies can pay their assessed amount in full within six months or choose a nine-year installment plan. Starting in 2031, the State Auditor will conduct periodic evaluations of the program's effectiveness, and the Treasurer of State is required to submit a comprehensive report by the end of 2026 detailing the costs of greenhouse gas emissions to the state.

Agriculture and Natural Resources

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1870&snum=132