climate damages
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Vermont leads efforts to make oil companies pay for climate damages
Vermont has become the first state to pass a law requiring fossil fuel companies to cover the costs of climate-related disasters, with other states poised to follow.
In short:
- Vermont's law, effective July 1, charges fossil fuel companies based on their historical greenhouse gas emissions.
- New York, California, Maryland, Massachusetts and New Jersey are considering similar measures, with New York's pending governor approval.
- The oil industry is preparing legal challenges, arguing the bills are based on unreliable science.
Key quote:
“There’s a wealth of information out there dating back before 1995 indicating that the [oil] industry knew of the risks associated with its products.”
— Elena Mihaly, vice president of Conservation Law Foundation Vermont
Why this matters:
As climate change worsens, states are seeking ways to hold fossil fuel companies financially responsible for damages, potentially setting a precedent for nationwide efforts. These initiatives could face significant legal and political hurdles.
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