Act No. 122 Page 1 of 1
2024
This act summary is provided for the convenience of the public and members of the General Assembly. It
is intended to provide a general summary of the act and may not be exhaustive. It has been prepared by the
staff of the Office of Legislative Counsel without input from members of the General Assembly. It is not
intended to aid in the interpretation of legislation or to serve as a source of legislative intent.
Act No. 122 (S.259). An act relating to climate change cost recovery
Subjects: Conservation and development; Judiciary; liability; greenhouse gas
emissions
This act establishes the Climate Superfund Cost Recovery Program at the Agency of
Natural Resources (ANR). The purpose of the Program is to hold parties responsible for
covered greenhouse gas emissions between the covered period of January 1, 1995 and
December 31, 2024 for the entity’s share of the State’s costs due to climate change.
Responsible parties are defined as fossil fuel extractors or crude oil refiners that ANR
attributes one billion metric tons or more of covered greenhouse gases during the covered
period. Responsible parties are strictly liable for cost recovery payments to the State. An
entity’s cost recovery payments shall be the same ratio or share of the costs to the State
from the emissions of covered greenhouse gas emissions as the entity’s ratio or share of
the aggregate covered greenhouse gas emissions from fossil fuels during the covered
period. The act requires the State Treasurer to conduct an assessment of the costs to the
State and its residents of the emissions of covered greenhouse gases during the covered
period.
The act establishes an ANR-administered Climate Superfund Cost Recovery Program
Fund into which the cost recovery payments from responsible entities are deposited. The
Fund shall be used to pay for climate change adaptation projects identified by ANR under
a Resilience Implementation Strategy adopted by rule, reasonable administrative
expenses of the Program, costs to implement climate adaptation action under the State
Hazard Mitigation Plan, and implementation of the Community Resilience and Disaster
Mitigation Grant Program.
Multiple effective dates, beginning on July 1, 2024
VT LEG #377383 v.2


Statutes affected:
As Passed By the Senate -- Official: 10-8003(a), 10-8003
As Passed By the Senate -- Unofficial: 10-8003(a), 10-8003
As Passed by Both House and Senate -- Official: 10-8003(a), 10-8003
As Passed by Both House and Senate -- Unofficial: 10-8003(a), 10-8003
As Enacted: 10-8003(a), 10-8003