ME LD1870

LD 1870 - Maine Climate Superfund Act

• Creates a Climate Superfund Cost Recovery Program to impose strict liability on fossil fuel companies responsible for more than 1 billion metric tons of greenhouse gas emissions during the covered period of January 1, 1995 through December 31, 2024

• Requires the Treasurer of State to assess costs to Maine from greenhouse gas emissions by December 31, 2026, with cost recovery demands issued to responsible parties proportional to their share of covered emissions

• Establishes a Climate Superfund Cost Recovery Program Fund for climate adaptation projects including flood protection, infrastructure upgrades, stormwater systems, electrical grid resilience, and public health programs

• Mandates at least 35% of fund expenditures benefit low-income communities and those with environmental justice concerns

• Allows responsible parties to pay in full within 6 months or elect a 9-year installment plan (20% initial payment, then 10% annually), with the State Auditor conducting program audits every 5 years beginning January 1, 2031