MONTPELIER, Vt. — Vermont 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 sufferedHe said in his message to lawmakers that he is “deeply concerned about both short- and long-term costs and outcomes” and if the state fails in this legal challenge “it will set precedent and hamper other states’ ability to recover damages.
The assessment would look at the affects on public health, natural resources, agriculture, economic development, housing and other areas. 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 funds could be used by the state for such things as upgrading stormwater drainage systems; upgrading roads, bridges and railroads; relocating, elevating or retrofitting sewage treatment plants and making energy efficient weatherization upgrades to public and private buildings.