Vermont becomes first state to require oil companies to pay for climate change damage
.svg.png)
SUMMARY
Vermont's groundbreaking Climate Superfund Act mandates oil companies to financially address climate change impacts, targeting emissions from 1995-2024. The Climate Superfund Act is the first of multiple state-level bills to be enacted. The New York state Senate also recently passed similar legislation, but New York Assembly Speaker Carl Heastie expressed reservations, stating it could negatively impact utility customers.
STORY
Outline of Vermont's Climate Superfund Act
Vermont's Climate Superfund Act, now law, makes it the first state to require oil companies to pay for climate change impacts. Here are the key details:
- Purpose:
- To hold oil companies financially accountable for the impacts of 'climate change'.
- Modeled After:
- Federal Superfund law.
- Target Emissions Period:
- 1995 to 2024.
- Financial Penalties:
- Potentially totalling billions of dollars.
- Legislative Process:
- Passed the Vermont House with a 94-38 vote on May 7th.
- Previously received a veto-proof 100 votes in a procedural vote.
- Governor's Stance:
- Governor Phil Scott allowed the bill to become law without his signature.
- Expressed concerns about Vermont proceeding alone due to its small size and economic scale.
- Noted endorsements from Attorney General and State Treasurer.
- Funding and Analysis:
- Allocates $600,000 for analysis of program implementation and legal defense.
- Agency of Natural Resources to report back on feasibility by January 2025.
- Criticism:
- American Petroleum Institute criticized the law as a punitive measure against the energy sector.
