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.
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.
“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.”
The American Petroleum Institute, the top lobbying group for the oil and gas industry, has said it’s extremely concerned the legislation “retroactively imposes costs and liability on prior activities that were legal, violates equal protection and due process rights by holding companies responsible for the actions of society at large; and is preempted by federal law.” It also said in a letter to lawmakers before the bill became law that the measure does not provide notice to potential affected businesses about the size of the potential fees.
Vermont state Rep. Martin LaLonde, an attorney, said in statement that lawmakers worked closely with many legal scholars in shaping the bill.
The original article contains 593 words, the summary contains 242 words. Saved 59%. I’m a bot and I’m open source!
This is the best summary I could come up with:
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.
“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.”
The American Petroleum Institute, the top lobbying group for the oil and gas industry, has said it’s extremely concerned the legislation “retroactively imposes costs and liability on prior activities that were legal, violates equal protection and due process rights by holding companies responsible for the actions of society at large; and is preempted by federal law.” It also said in a letter to lawmakers before the bill became law that the measure does not provide notice to potential affected businesses about the size of the potential fees.
Vermont state Rep. Martin LaLonde, an attorney, said in statement that lawmakers worked closely with many legal scholars in shaping the bill.
The original article contains 593 words, the summary contains 242 words. Saved 59%. I’m a bot and I’m open source!