Q: How much money will the Climate Superfund generate? Where will that money go?
A: We estimate that the Climate Superfund Bill will raise billions of dollars over the next 25 years. The amount raised will be determined by the Executive Office of Energy and Environmental Affairs based on costs faced by the state.
Q: What will the Climate Superfund pay for?
A: The Superfund will help fund projects such as coastal protections, wetland restoration, urban tree canopy, defensive upgrades to transit infrastructure, and building weatherization. Projects will be chosen by the Executive Office of Energy and Environmental Affairs with input from the public, labor and environmental justice leaders, and relevant stakeholders.
Q: Will costs be passed on to consumers?
A: The Climate Superfund Bill is designed to avoid passing costs on to consumers. Since we are only targeting the largest fossil fuel corporations, they will still have to compete with other companies and thus will not be able to raise their prices without illegal collusion. Further, we are only targeting these companies for greenhouse gases already emitted and harm already caused. This one-time fee, therefore, will be paid for from profits already earned and should not affect future costs of production.
Q: Is there any precedent for this?
A: The Polluters Pay Principle follows clear precedent in environmental regulation. It is employed in all of the major US pollution control laws including the Clean Air Act, Clean Water Act, and original Superfund program (cleanup of abandoned waste sites). Additionally, holding big polluters accountable for climate change is included in the majority of international climate treaties. The Climate Superfund Bill would set up a similar legal structure to support adaptation efforts statewide.
Q: Which companies would be held responsible by the Climate Superfund Bill?
A: The Bill targets top polluters statewide. Even as climate costs rise, fossil fuel profits continue to soar. The payors into the Climate Superfund will be U.S.-based and foreign-owned fossil fuel extractors with ties to Massachusetts that were responsible for at least 0.05% of the total carbon dioxide and methane gas emissions between January 1, 1995, and December 31, 2024. This will limit the total number of payors to the biggest polluters, with those who polluted the most paying the most.
Q: How is this different from carbon pricing?
A: The Climate Superfund Bill is a one-time fee, while carbon pricing would continue indefinitely. Carbon pricing is a market-based solution that would put a price on each unit of carbon dioxide emitted into the air. The Climate Superfund Bill doesn’t put a price on future emissions, but instead asks big polluters to pay a fee based on their share of historic emissions. While carbon pricing is easily passed on to consumers, this Climate Superfund targets the biggest oil and gas companies to ensure costs come from profits already earned.
Q: How does the bill hold up under legal challenges by fossil fuel companies?
A: The Climate Superfund Bill clearly follows legal precedent around preemption of the Clean Air Act, and respects fossil fuels companies' right to Due Process. Massachusetts has the power to pass and implement the Climate Superfund Bill and will successfully defend it in court.
Sources: Polling Data | Cost of Damages and Disaster Response
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