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9h ago

Maryland Launches RENEW Act Study to Count Climate Costs to Taxpayers

State leaders set aside $500,000 from existing funds to produce a detailed accounting to guide near-term budget and resilience decisions.

Hurricanes Dennis and Floyd — and other storms — dropped 11.5 inches of rain on Maryland in Sept. 1999.Here, Maryland State Highway Administration worker Jay Morgan tries keeping dry inside his truck as rain and wind blow past him while he blocks traffic passage on Medley’s Neck Rd at Church Creek near Breton Bay as Hurricane Floyd pushes up the mid-Atlantic coast Thu., Sept. 16, 1999.

Overview

  • The analysis will quantify costs from flooding, severe storms, and heat-related health impacts on households and local budgets.
  • Funding comes via a memorandum between the Maryland Energy Administration and the comptroller’s office, with roughly $470,000 from the Strategic Energy Investment Fund and $30,000 from philanthropy.
  • The decision reverses Gov. Wes Moore’s spring veto of a similar measure, as lawmakers plan a special-session vote next week on whether to override the RENEW Act veto.
  • The study, administered by the comptroller’s office, will also assess potential taxpayer impacts if fossil fuel companies are required to make compensatory payments, with a final report due Dec. 1, 2026.
  • Officials point to NOAA estimates of $10–$20 billion in cleanup costs from 85 extreme events since 1984, with the rollout timed alongside updated state revenue forecasts before the governor’s budget.