Vermont becomes first state to enact law requiring oil companies pay for damage from climate change
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 late Thursday, 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. But he acknowledged that he understands something has to be done to address the toll of climate change.
“I understand the desire to seek funding to mitigate the effects of climate change that has hurt our state in so many ways,” Scott, a moderate Republican in the largely blue state of Vermont, wrote in a letter to lawmakers.
The popular governor who recently announced that he’s running for reelection to a fifth two-year term, has been at odds with the Democrat-controlled Legislature, which he has called out of balance. He was expected by environmental advocates to veto the bill but then allowed it to be enacted. Scott wrote to lawmakers that he was comforted that the Agency of Natural Resources is required to report back to the Legislature on the feasibility of the effort. [Continue reading…]