Bill > HB1850

This bill establishes the "Climate Resiliency Fund Act," creating a program administered by the Department of Environment and Conservation to fund projects that help Tennessee adapt to the impacts of climate change. The Act defines "climate change adaptation projects" broadly to include initiatives like flood protection, infrastructure upgrades, public health programs addressing climate-related illnesses, and improvements to energy efficiency and the electrical grid. It holds "responsible parties" strictly liable for a share of the costs associated with these projects, with "responsible parties" defined as entities that extracted or refined fossil fuels during a specific period (1995-2026) and are attributed with emitting over one billion metric tons of greenhouse gases. The Act outlines how liability will be calculated based on an entity's share of greenhouse gas emissions and allows for payment in installments. A dedicated "climate resiliency fund" will be established to receive these payments, along with other appropriations and donations, and will be used exclusively for qualifying adaptation projects and administrative expenses, with unexpended balances retained. The Act also mandates reports from the Department and the State Treasurer on the program's progress and the costs associated with greenhouse gas emissions, and requires the Comptroller of the Treasury to audit the program periodically.

Agriculture and Natural Resources

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1850&ga=114