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. Republican Gov. Phil Scott allowed the bill to become law without his signature this week, saying he is very concerned about the costs and outcome of the small state taking on Big Oil alone in what will likely be a grueling legal fight.
The state would use federal data to determine the amount of covered greenhouse gas emissions attributed to a fossil fuel company. 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.
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