States want to tax fossil fuel companies to create climate change superfunds
Illinois lawmakers plan to introduce a climate change superfund bill in the state legislature this session, the latest in a growing number of states seeking to make fossil fuel companies pay up for the fast-growing financial fallout of climate change.
As the costs of global warming rise—in the form of home insurance premiums, utility bills, health expenses, and record-breaking damages from extreme weather—local advocates are increasingly pushing states to require that fossil fuel companies contribute to climate “superfunds” that would support mitigation and adaptation.
Illinois State Rep. Robyn Gabel, who will introduce the bill in the House, said she is motivated by the growing threat of flooding and heat waves in the state.