Businesses Face Major Costs from Super Fund Bill

Connecticut legislation creating a climate change super fund comes with a multi-billion dollar price tag for businesses.

The legislature’s Environment Committee will hold a March 3 public hearing on HB 6280, an expansive measure likely to significantly hike energy and operational costs for businesses.

HB 6280 requires fossil fuel extractors and refiners to contribute to a fund to pay for Connecticut’s climate change costs.

CBIA opposes the bill as those costs will undoubtedly be passed along to Connecticut employers.

Similar legislation has been introduced and passed in neighboring states, including: 

• New York’s Climate Superfund Law, signed in December 2024, aims to collect $75 billion over 25 years to fund climate-related infrastructure projects.
• Vermont enacted a similar law covering the 30-year period from 1995 to 2024. The law recovers costs associated with greenhouse gas emissions from fossil fuel manufacturers.
• Maryland has proposed legislation requiring large fossil fuel producers and refiners to pay for state-level climate adaptation infrastructure.

“Energy affordability is at the forefront of mind for all businesses in our state, whether it is a manufacturer or a restaurant,” CBIA’s Pete Myers said.

“Given the necessity of natural gas to our energy generation, we have serious concerns with the unintended consequences of this legislation, which will significantly impact energy costs.”  

Since New York enacted its Climate Change Superfund Act, the state has faced litigation from 22 states.

The U.S. Chamber of Commerce and the American Petroleum Institute sued Vermont last December to block that state’s superfund.

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For more information, contact CBIA’s Pete Myers (860.244.1921).