ANNAPOLIS, MD — Today, Maryland Governor Wes Moore and the Office of Comptroller Brooke Lierman announced that Maryland will move forward with a comprehensive analysis of the economic impacts caused by the greenhouse gas emissions that lead to harmful climate change. The joint measure utilizes philanthropic investments and existing state funding sources to fully fund the RENEW Act study and critically assess the undue burden Marylanders are paying for extreme weather events.
This study is intended to equip policymakers with critical information on the costs associated with our changing climate, including storm damage and health outcomes associated with higher heat. Its analysis will illustrate the extent of the damage done by increasingly intense weather events along with other environmental shifts related to climate change.
“While the federal government has spent the past year rolling back climate protections and driving up energy costs, Maryland is taking a responsible step toward understanding the true price tag of climate damage,” said Gov. Moore. “This study will give us a clear, data-driven look at the real burden taxpayers are shouldering as climate change drives more extreme and costly weather events. Building on the historic progress we’ve already made in tackling climate change, Maryland will continue taking a whole-of-government approach to building a cleaner economy.”
“Every dollar we invest in climate resilience today saves Marylanders from paying exponentially more tomorrow. By quantifying the impact of greenhouse gas emissions on our communities, this report will build a roadmap for financial resilience in Maryland amid the challenges of climate change,” said Comptroller Lierman. “I am grateful to live in a state where our Governor and General Assembly understand the importance of confronting climate risks with clarity, courage, and accountability.”
As outlined in a new memorandum of understanding between the Maryland Energy Administration and the Office of the Comptroller, the governor plans to fully fund the RENEW Act Study using existing state funding sources. This includes $30,000 already received in philanthropic funding and $470,000 allocated across two fiscal years from the Strategic Energy Investment Fund, which reinvests proceeds from greenhouse gas emissions auctions and Alternative Compliance Payments from utilities.
“This study is a crucial step toward finally understanding the real financial toll that climate change is placing on Marylanders,” said Senator Katie Fry Hester. “For too long, Maryland taxpayers have been left to absorb the costs of flooding, extreme heat, and severe storms on their own. By clearly identifying the costs borne by our communities, we can build a long-term strategy that strengthens resilience and ensures that those responsible for decades of unchecked pollution are held accountable.”
“This study is imperative to understanding the real fiscal impacts climate change is having on Maryland and on Marylanders,” said Delegate David Fraser-Hidalgo. “Identifying and quantifying these costs is essential to figuring out how to mitigate them.”
“The RENEW Act cost study is an essential step in helping to protect Maryland taxpayers from the rising costs associated with extreme weather and flooding.” said Natural Resources Defense Council President and Chief Executive Officer Manish Bapna. “States have no choice but to begin taking action on their own to respond to the real-world impacts of climate change they are facing. By taking this first step Governor Moore is committing Maryland to a more resilient and sustainable path forward.
“Maryland suffered devastating losses this summer due to climate change. From extreme flooding to heat deaths, the impacts of climate change are costing Marylanders now,” said Chesapeake Climate Action Network Action Fund Maryland Director Brittany Baker. “We appreciate Governor Moore's commitment to moving the climate costs study forward with an ambitious funding plan to support Senator Hester and Delegate Fraser-Hidalgo's legislative work on the issue.”
The Moore-Miller Administration is confronting the climate crisis head on and protecting our environment through a strategic approach focused on investing in a clean energy economy, modernizing the state’s energy infrastructure to lower costs, and making sure that no Marylander is left behind in the clean energy transition.
Last year, Governor Moore signed an executive order to direct a whole-of-government strategy to address climate change—which required agencies to submit a Climate Implementation Plan, propose new emissions standards, and create the Governor’s Subcabinet on Climate. The administration also announced plans to lower energy costs for approximately 60,000 households through the EmPOWER Maryland efficiency program.
In October, Governor Moore announced a historic agreement with Constellation Energy, Waterkeepers Chesapeake, and Lower Susquehanna Riverkeeper Association to invest $340 million in improving water quality at the Conowingo Dam. In July, Governor Moore signed an executive order to advance environmental justice in Maryland. Additionally, the governor introduced and signed the Chesapeake Bay Legacy Act that builds upon the administration’s historic efforts to protect Maryland’s greatest natural resource, introducing comprehensive changes to support regenerative agriculture, streamline oyster aquaculture, and providing new economic pathways for farmers.
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