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States want to tax fossil fuel companies to create climate change superfunds

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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.

“The costs with climate change are going to be extravagant, and it’s going to end up on the backs of the taxpayers, and the oil companies continue to walk away with huge profits,” said Gabel, an Evanston Democrat. “Polluting companies should be responsible for the damage they cause.”

Advocates will rally on Thursday morning in Chicago to support what’s known as the “Make Polluters Pay” effort as part of a national week of action, with climate activists and disaster survivors holding events across the country, including in Connecticut, Colorado, California, New Jersey, and Maine. Two states—New York and Vermont—have already passed climate superfund laws.

Meanwhile, the US has just officially exited the Paris Climate Agreement, the latest in the federal government’s continued backsliding on climate progress, and ongoing cuts to the Federal Emergency Management Agency put increasing strain on states and cities. Advocates and some Democratic lawmakers are pushing states to fill the gap.

“It’s time for us to step up,” said Gina Ramirez, director of Midwest environmental health at the Natural Resources Defense Council and a member of the coalition fighting for the Illinois bill.

“We’re a blue state, so we need to… implement ways to improve infrastructure and health and combat climate change.”