MD Bill would create superfund for companies that contribute climate change, with mandated contributions

MARYLAND – A new bill in the Maryland General Assembly is looking to hold corporations accountable for climate change emissions, and the costs that come with rising global temperatures.

The Climate Superfund bill wants to create a Superfund program, but instead of toxic spills or nuclear waste, it would have companies like Exxon Mobile pay into a fund that the state would use to help communities on the front lines of climate change.

Advocates like the Chesapeake Climate Action Network said it would help to pay for beach nourishment projects or flooding in places like Crisfield or Ellicott City.

“If this bill becomes law-companies will have a choice to pay one large lump sum into the super fund or split it up over 20 years, if they don’t pay quickly enough how much they need to pay, that money goes up,” said CCAN Executive Director Jamie DeMarco. 

DeMarco says the state has the authority to enact this program on all companies that do business within the state, and though they expect many companies to sue rather than pay he believes courts will hold up the authority of the state.

He tells 47 ABC for companies like Exxon Mobile, which cleared 15 Billion dollars in profit in 2022, the penalties could be as high as $1 billion.

“Homes across the state are being washed away by climate change, we are seeing multiple once-in-a-generation storms, and these companies are contributing and this program creates a way to help right that in those communities,” DeMarco said.

Categories: Local News, Local Politics, Maryland