Maryland Panel Contemplates the Multibillion-Dollar Climate Dilemma

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The Maryland Commission on Climate Change is addressing the issue of funding the state’s ambitious climate goals, which will require an additional $1 billion per year over a decade. Governor Wes Moore has released $90 million towards these goals but acknowledges that more funding is needed. Several funding proposals, including a cap-and-invest initiative, the Climate Crisis and Environmental Justice Act, the Climate Reduction Act, and the Responding to Emergency Needs from Extreme Weather (RENEW) Act, have been considered to generate revenue. The cap-and-invest initiative would make polluters pay for carbon emissions through a credit system, similar to existing programs in other states. The Climate Crisis and Environmental Justice Act would impose fees on companies bringing fossil fuels into the state to generate revenue for climate mitigation programs. The Climate Reduction Act would tax transportation of coal and natural gas into the state, while the RENEW Act would fine large fossil fuel companies for climate damage caused over the years. However, business leaders have expressed concerns about the potential cost implications of these proposals. Ultimately, the commission aims to draft recommendations in September to address the complex funding issue. The workgroup is considering various options to ensure the state can adequately fund its climate initiatives and meet its goals in a sustainable manner.

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