Maryland Senate Bill SB958

Maryland 2024 Regular Session

• Introduced: 2/2/24
• Refer: 2/2/24

Caption

Responding to Emergency Needs From Extreme Weather (RENEW) Act of 2024

Impact

The bill aims to implement a system of strict liability for responsible entities based on their greenhouse gas emissions, mandating them to contribute financially to local and state adaptation efforts. A significant portion of the funds collected will be allocated to support infrastructure projects that directly benefit communities disproportionately affected by climate impacts. The bill emphasizes that at least 40% of program expenditures should prioritize these underserved communities, thereby addressing issues of environmental justice while enhancing state resilience against climate-related disasters.

Summary

Senate Bill 958, also known as the Responding to Emergency Needs From Extreme Weather (RENEW) Act of 2024, establishes the Climate Change Adaptation and Mitigation Payment Program. This program is designed to secure payments from businesses that extract fossil fuels or refine petroleum products, creating a revenue source for state initiatives aimed at adapting to and mitigating the impacts of climate change. The legislation authorizes the establishment of the Climate Change Adaptation and Mitigation Fund, which will be utilized for a wide variety of climate-related infrastructure projects as well as health initiatives related to climate change.

Conclusion

In addition to improving infrastructure and facilitating adaptation to climate change, SB958 seeks to ensure accountability from industries whose activities contribute significantly to greenhouse gas emissions. This approach signals a shift towards more comprehensive regulations that not only mitigate environmental impacts but also prioritize health and resilience in vulnerable communities across the state of Maryland.

Contention

While supporters argue that SB958 is a critical step in addressing climate change and its associated health effects, critics may voice concerns about the financial burden placed on fossil fuel companies and how these costs are ultimately passed on to consumers. There could also be debates about the effectiveness of the program in ensuring equitable distribution of resources and funding for the most affected communities. Furthermore, the implications of imposing strict liability on these companies raise questions about their long-term effects on the fossil fuel industry in the state.