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 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. He 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.” Maryland, Massachusetts and New York are considering similar measures.
1, 1995, to Dec. 31, 2024. 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.
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