Vermont has become the first state to implement a new climate policy that charges fossil fuel companies for damages caused by natural disasters worsened by climate change. This move has inspired other states such as New York, California, Maryland, Massachusetts, and New Jersey to introduce similar bills. The measures are based on the concept of the “polluter pays” principle and aim to hold companies accountable for their historical role in producing emissions.
The new Vermont law, which went into effect on July 1, calculates damages from climate change-caused disasters and requires companies responsible for significant greenhouse gas emissions to pay for the costs. The law has faced opposition from the oil and gas industry, which disputes the credibility of attribution science used to determine liability.
In New York, a similar bill has been passed by lawmakers, but Democratic Gov. Kathy Hochul has yet to sign it. The bill would collect funds from fossil fuel companies to cover climate change-related costs over 25 years. Hochul’s decision on the bill is eagerly awaited by advocates and lawmakers in other states who are looking to follow suit.
Environmental advocates are hopeful that the momentum created by Vermont and New York will encourage other states to take similar steps in addressing climate change. Despite potential legal challenges and opposition from industry groups, lawmakers are determined to hold fossil fuel companies accountable for their contributions to climate change.
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