CA SB1497

Establishes the Polluters Pay Climate Cost Recovery Program requiring major fossil fuel companies to pay for climate damages in California, defined as entities with majority ownership in fossil fuel extraction or refining responsible for over 1 billion metric tons of covered emissions globally between 2000-2020.

Requires the California Environmental Protection Agency to conduct a climate cost study within one year to quantify total climate damages through December 31, 2045, and determine each responsible party's proportionate share based on their covered fossil fuel emissions.

Creates the Polluters Pay Climate Fund to collect cost recovery payments from responsible parties, with funds available upon legislative appropriation for climate mitigation and adaptation projects.

Mandates that at least 40 percent of collected funds support projects directly benefiting disadvantaged communities facing climate impacts, and includes provisions for employment opportunities and job quality improvements.

Takes effect immediately as an urgency statute and does not affect existing legal liability or remedies for climate-related damages or litigation against fossil fuel companies.