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.

Alex Brown reports for Stateline.

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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Vermont leads efforts to make oil companies pay for climate damages

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