Maryland lawmakers are currently facing mounting pressure from environmental advocates to establish a superfund, a step towards holding fossil fuel companies accountable for the costs associated with climate change. The General Assembly is engaged in deliberations over the “Responding to Emergency Needs from Extreme Weather Act,” a response to the increasing urgency of climate change mitigation.
The act calls for the establishment of a Climate Change Adaptation and Mitigation Fund. This would be funded by charging 40 of the major oil and gas companies a total of $9 billion over a ten-year span. The fund’s resources would be allocated to various environmental improvements. However, some concerns have been raised over the possibility of these costs ultimately being passed onto consumers.
According to the Center for Climate Integrity, Maryland will need to invest more than $27 billion by 2040 to adequately protect against moderate sea-level rise. This is a figure that underscores the significant financial burden that climate change could place on the state.
Jamie DeMarco of the Chesapeake Climate Action Network has echoed these concerns, stating that climate change mitigation is already costing Maryland hundreds of millions. The financial strain of such mitigation efforts, DeMarco suggests, further underscores the need for fossil fuel companies to be held accountable for their role in climate change.
Public sentiment appears to align with these advocacy efforts. A survey conducted by Data for Progress indicates that 73% of likely voters support the idea of charging large oil and gas companies a fee for climate change mitigation costs.
However, time is of the essence for this measure. To be considered in the current session, the act must be passed by at least one chamber by March 18. The pressure is on for Maryland lawmakers as they weigh the potential benefits and drawbacks of this ambitious climate change legislation.
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