CA AB1243

Establishes the Polluters Pay Climate Superfund Program, requiring fossil fuel companies responsible for more than 1 billion metric tons of global greenhouse gas emissions between 1990-2024 to pay proportionate shares of climate damage costs incurred by California from 1990 through 2045

California Environmental Protection Agency must publish a list of responsible parties within 90 days and complete a climate cost study within one year to quantify total climate damages, with updates required every 5 years through 2045

Responsible parties must pay cost recovery demands either in full or in 20 annual installments, with 10% due initially; late payments accrue fees at 10% per annum, and the Secretary of State may revoke business licenses for non-compliance

Creates the Polluters Pay Climate Superfund in the State Treasury, requiring at least 40% of expenditures to benefit disadvantaged communities facing climate impacts, with eligible uses including disaster preparedness, clean energy infrastructure, workforce development, and natural system protections

Declares the act an urgency statute taking effect immediately, and explicitly preserves existing legal rights to pursue separate climate-related litigation against fossil fuel companies