Energy (Coal)

LD 1870 establishes Maine's Climate Superfund Cost Recovery Program, targeting entities that operated fossil fuel businesses (like coal, oil, and gas extraction/processing) between 1995 and 2024. It requires these responsible parties to pay for climate adaptation projects - such as flood protections, infrastructure upgrades, and health programs addressing heat waves or wildfire smoke - through a "cost recovery demand" mechanism. Funds collected will finance public projects directly addressing climate impacts, including nature-based solutions like restored wetlands and energy-efficient building retrofits. The program applies to corporations, partnerships, and individuals involved in fossil fuel operations during the covered period, with entities in a "controlled group" treated as a single liable party. This creates a state-level mechanism to recover costs for climate-related damages historically linked to fossil fuel use.

LD 1808, the Maine Climate Superfund Act, requires entities that extracted or refined fossil fuels (like coal, oil, or natural gas) during 2000-2024 to pay for climate adaptation projects through a new cost recovery program. It targets corporations and other organizations (defined as "entities") that owned fossil fuel businesses during that period, including those in a "controlled group" treated as a single entity. Funds collected will be used for specific climate adaptation projects, such as flood protections, infrastructure upgrades, health programs for climate-related illnesses, and nature-based solutions like restoring natural landscapes. The program establishes a "Climate Superfund Cost Recovery Program" to collect payments based on covered greenhouse gas emissions from fossil fuel use during the specified period.

This bill requires Maine insurers to report annually on their investments and underwriting related to fossil fuels, starting in 2026. Insurers must disclose details about any investments in companies deriving 10%+ revenue from oil, gas, or coal activities, along with associated emissions data. The law prohibits insurers from underwriting new fossil fuel projects (like pipelines, wells, or mines) and mandates alignment with science-based climate targets. These reports will be publicly posted online, directly affecting all insurers operating in Maine. The bill aims to reduce climate risk exposure by shifting financial support away from fossil fuel expansion.