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Vermont Mandates that Fossil Fuel Companies Pay for Climate Damages

by Energies Media Staff
May 31, 2024
in News, Oil and Gas News, Scoop.it

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A new law in Vermont โ€” the first of its kind in the U.S. โ€” willย require fossil fuel companies to payย for a share of the costs of weather disasters fueled by climate change.

Republican Gov. Phil Scott allowed the bill to become law on Thursday night without his signature, after it passed in the state Legislature with the support of a supermajority of Democrats.

Vermontโ€™s law has been referred to as the “Climate Superfund Act” because it is modeled after the Environmental Protection Agencyโ€™s superfund program, which requires the companies responsible for environmental contamination to either do cleanup work themselves or reimburse the government for it. Vermontโ€™s bill similarly mandates that big oil companies and other high emitters pay for the costs of recovering from and preparing for extreme weather caused by climate change.

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Which companies will be charged, and precisely how much, will be determined based on calculations of the degree to which climate change contributed to weather disasters in Vermont, and how much money those events cost the state. From there, companiesโ€™ shares of the total will depend on the amount of carbon dioxide each released into the atmosphere from 2000 to 2019.

In the days after Vermontโ€™s bill passed, state lawmakers were unsure whether Gov. Scott would try to veto it.ย In a note to lawmakersย on Thursday, Scott wrote that โ€œtaking on โ€˜Big Oilโ€™ should not be taken lightlyโ€ and that heโ€™s concerned about the lawโ€™s short- and long-term ramifications.

He added that he is โ€œfearful that if we fail in this legal challenge, it will set precedent and hamper other statesโ€™ ability to recover damages.โ€

But supporters of the law celebrated its passage.

โ€œFinally, the legislative branch of government is saying itโ€™s time to make the worldโ€™s biggest polluters pay a fair share of the cleanup costs,โ€ Elena Millay, vice president of the Conservation Law Foundation in Vermont, said in a statement.

โ€œWithout the Climate Superfund, the costs of climate change falls entirely on taxpayers โ€” and thatโ€™s not fair,โ€ said Lauren Hierl, executive director of Vermont Conservation Voters. โ€œNow, thereโ€™s finally a law in place to require the corporations that caused the damage to pay, too.โ€

According to Vermontโ€™s new law, the money from fossil fuel companies will be used to modernize infrastructure, weatherproof schools and public buildings, clean up from storms and address the public health costs of climate change. Now that it has passed, state government agencies will be tasked with determining by 2027 the sums various companies owe.

Once that is decided, the law is expected to face intense challenges in court. Past superfund cases have been lengthy, complex and expensive.

โ€œThis punitive new fee represents yet another step in a coordinated campaign to undermine Americaโ€™s energy advantage and the economic and national security benefits it provides,โ€ the American Petroleum Institute, one of the major lobbies for the oil and natural gas industries, said in a statement to NBC News. โ€œRather than work collaboratively with the industry to further our shared goal for a lower carbon future, state lawmakers opted to pass a bill designed by activists to further their own interests.โ€

Massachusetts, Maryland and New York are considering similar policies to Vermontโ€™s.

โ€œI think that the more other jurisdictions see climate disasters, the more compelled theyโ€™re going to be to find the financial resources to pay for recovery,โ€ said Jennifer Rushlow, a law professor at Vermont Law School.

โ€œI think thereโ€™s a lot that can be gleaned from how to structure a legally sound, resilient climate superfund law based on what has happened here in Vermont,โ€ she added

Source: www.nbcnews.com

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