MONTPELIER, Vt. - Vermont has become the first state to enact a law requiring fossil fuel companies to pay a share of the damage caused by climate change after the state suffered Republican Gov. Phil Scott allowed the bill to become law without his signature late Thursday.
It’s a polluter-pays model affecting companies engaged in the trade or business of extracting fossil fuel or refining crude oil attributable to more than 1 billion metric tons of greenhouse gas emissions during the time period.
The American Petroleum Institute, the top lobbying group for the oil and gas industry, has said it’s extremely concerned the legislation “retroactively imposes costs and liability on prior activities that were legal, violates equal protection and due process rights by holding companies responsible for the actions of society at large; and is preempted by federal law.
“Instead of coordinating with other states like New York and California, with far more abundant resources, Vermont – one of the least populated states with the lowest GDP in the country – has decided to recover costs associated with climate change on its own,” Scott wrote. But he said he understands “the desire to seek funding to mitigate the effects of climate change that has hurt our state in so many ways.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vermont is 1st state with law requiring oil companies pay for climate change damageVermont becomes the first state to enact a law making fossil fuel companies pay share of damage caused by climate change after catastrophic flooding.
Source: latimes - 🏆 11. / 82 Read more »
Vermont becomes 1st state to enact law requiring oil companies pay for damage from climate changeVermont has become the first state to enact a law requiring fossil fuel companies to pay a share of the damage caused by climate change after the state suffered catastrophic summer flooding and damage from other extreme weather.
Source: ksatnews - 🏆 442. / 53 Read more »
Vermont becomes 1st state to enact law requiring oil companies pay for damage from climate changeVermont has become the first state to enact a law requiring fossil fuel companies to pay a share of the damage caused by climate change after the state suffered catastrophic summer flooding and damage from other extreme weather.
Source: KPRC2 - 🏆 80. / 68 Read more »
Vermont becomes 1st state to enact law requiring oil companies pay for damage from climate changeVermont has become the first state to enact a law requiring fossil fuel companies to pay a share of the damage caused by climate change after the state suffered catastrophic summer flooding and damage from other extreme weather.
Source: wjxt4 - 🏆 246. / 63 Read more »
Vermont becomes 1st state to require oil companies pay for damage from climate changeVermont has become the first state to enact a law requiring fossil fuel companies to pay a share of the damage caused by climate change after the state
Source: Mynorthwest - 🏆 438. / 53 Read more »
Vermont becomes 1st state to require oil companies pay for damage from climate changeVermont has become the first state to enact a law requiring fossil fuel companies pay a share of the damage caused by climate change after the state suffered catastrophic summer flooding and damage from other extreme weather. Republican Gov. Phil Scott allowed the bill to become law without his signature late Thursday.
Source: AP - 🏆 728. / 51 Read more »