Backers of the Climate Change Superfund liken it to the federal Superfund program, as they aim to hold polluters accountable for climate change contributions.
Critics argue that the Climate Change Superfund plan is unworkable and will ultimately lead to increased costs for customers while facing potential legal challenges.
An analysis suggests that the proposed fund could extract approximately $3 billion annually from carbon polluters, accumulating $75 billion over 25 years.
Companies like Saudi Aramco could receive the largest assessments for historical greenhouse gas emissions; this reflects a shift toward responsibility among major polluters.
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