IL SB2981

Creates the Illinois Climate Change Superfund as a special fund in the State treasury to finance climate adaptation projects including flood control infrastructure, urban heat reduction, water management systems, and ecosystem restoration

Requires at least 40% of Fund expenditures to directly benefit disadvantaged communities facing climate change impacts

Holds fossil fuel companies liable for payments into the Fund based on their proportionate share of greenhouse gas emissions from extraction and refining activities during the covered period of January 1, 2000 through December 31, 2024

Applies only to "responsible parties" determined by the Illinois EPA to be responsible for more than one billion tons of covered fossil fuel emissions, with payments allowed in equal annual installments over 5 years

Directs the Illinois EPA to adopt rules within one year for identifying responsible parties, calculating emissions liability, issuing cost recovery demands, and selecting qualifying projects for Fund expenditures