The proposed bill, known as the Rhode Island Climate Superfund Act of 2026, aims to address the impacts of climate change by establishing a framework for cost recovery from fossil fuel companies responsible for greenhouse gas emissions. The bill introduces a new chapter in Title 42 of the General Laws, which includes definitions, implementation procedures, and the establishment of a climate superfund account to collect payments from responsible parties for climate change response work.

Under this act, the Department of Environmental Management (DEM) is tasked with assessing and determining the proportional liability of responsible parties based on their greenhouse gas emissions during a specified period from January 1, 2000, to December 31, 2025. The DEM will issue cost recovery demands to responsible parties and oversee the allocation of funds for climate change response projects, which may include coastal and flood protection, stormwater management, heat mitigation, ecosystem restoration, and other related initiatives.

The act emphasizes the importance of a transparent and equitable allocation system for reimbursements to municipalities, tribal governments, and community organizations for eligible climate change response costs. It also preserves the rights of the state and local governments to pursue additional remedies under existing laws and does not preempt or supersede any state law or local ordinance regarding greenhouse gases. The act will take effect upon passage.