Vermont becomes 1st state to require oil companies pay for damage from climate change

suffered catastrophic summer flooding and damage from other extreme weather.He wrote in his message to lawmakers that “taking on ‘Big Oil’ should not be taken lightly” and that he is concerned about the costs and outcomes. He said he worries that if the state fails in this legal challenge “it will set precedent and hamper other states’ ability to recover damages.

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.

“For too long, giant fossil fuel companies have knowingly lit the match of climate disruption without being required to do a thing to put out the fire,” Paul Burns, executive director of the Vermont Public Interest Research Group, said in a statement. “Finally, maybe for the first time anywhere, Vermont is going to hold the companies most responsible for climate-driven floods, fires and heat waves financially accountable for a fair share of the damages they’ve caused.

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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.
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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
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