California SB 982 to Sue Fossil Firms for Insurance
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- SB 982 would let the California attorney general sue fossil‑fuel firms with >$500 million market cap for climate damages, creating a fund to bail out the FAIR Plan and finance home‑hardening grants.
- Mary Creasman of California Environmental Voters testified that 66 % of voters demand billion‑dollar corporations cover insurance costs after disasters.
- Scott Wiener authored the Affordable Insurance and Recovery Act, which advanced from the Senate Judiciary Committee and was referred to the Senate Insurance Committee.
- State Building and Construction Trades Council of California representing 450,000 construction workers, urged Senate leaders to oppose the bill, saying it will spike fuel costs and is unconstitutional.
- Erin Lehane of the labor union warned that holding fossil‑fuel products strictly liable for all climate change is “not responsible policy.”
Why it matters: California homeowners and the FAIR Plan gain a new funding source, while fossil‑fuel firms face lawsuits that will cost billions; insurers will stay, lowering premiums and prompting broader home‑hardening investments.
