Bill > SF4886

This bill, known as the Greenhouse Gas Pollution Superfund Act, establishes a program to recover costs from entities responsible for significant greenhouse gas emissions. It defines "responsible party" as an entity involved in extracting fossil fuels or refining crude oil between January 1, 1995, and December 31, 2026, that is determined to be responsible for over one billion metric tons of covered greenhouse gas emissions. These entities will be liable for a share of the costs incurred by the state and its residents due to these emissions, with the amount calculated based on their proportional contribution. Payments collected will go into a dedicated "greenhouse gas pollution account," which will fund climate change adaptation projects, with at least 40% of disbursements benefiting disadvantaged communities, and also cover administrative expenses. The bill also mandates reports on the program's financial status and project outcomes, and appropriates funds for its implementation.