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 catastrophic summer flooding and damage from other extreme weather.Almost a year after intense flooding in and around the capital city of Montpelier, 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.
"I'm also fearful that if we fail in this legal challenge, it will set precedent and hamper other states' ability to recover damages," he wrote. Walsh says he believes Scott — who intends to run for re-election — allowed the bill to pass because of public pressure after last summer's summer's devastating torrential rains.The new law will allow Vermont to charge companies for their share of emissions going back nearly three decades, then use that money to fund projects and infrastructure that helps Vermont adapt to climate change and better withstand extreme weather events in the future.
It's an example of what's known as a "polluter-pay" system, and it's modelled after the Superfund, a U.S. federal program established in 1980 that forces companies to pay for the environmental clean-up hazardous waste sites.Several other states are eyeing similar laws, including Maryland, Massachusetts and New York.