Bill > HB847

This bill establishes the Extreme Weather Taxpayer Protection Program and Fund, administered by the Department of Conservation and Recreation, to hold certain fossil fuel companies accountable for their share of the Commonwealth's costs related to climate change. Specifically, it targets "responsible parties," defined as fossil fuel extractors or crude oil refiners that emitted one billion metric tons or more of "covered greenhouse gases" (like carbon dioxide and methane) between January 1, 1995, and December 31, 2025. These parties are held "strictly liable," meaning they are responsible for payments regardless of fault, to recover costs incurred by the Commonwealth and its residents due to climate change impacts, such as extreme weather events like hurricanes, floods, and heatwaves. The bill mandates the State Treasurer to assess these costs, and payments from responsible parties will go into the Extreme Weather Relief Fund, which will then be used for "extreme weather relief projects," including repairing infrastructure, providing direct assistance to affected individuals and businesses, and enhancing resilient clean energy infrastructure, with at least 50 percent of funds dedicated to environmental justice communities.

Business and Industry

https://lis.virginia.gov/bill-details/20261/HB847