Vermont Becomes First State to Enact Landmark Law Making Oil Companies Pay Billions for Climate Damage

May 31, 2024, 12:31 PM

Vermont has become the first state in the U.S. to pass a law requiring oil and gas companies to pay for damages caused by climate change. The legislation, which was passed by a Democratic legislature and assented to by a Republican governor, aims to hold fossil fuel producers accountable for environmental damage. The funds collected will be used for climate-adaptive infrastructure projects in the state. This pioneering measure is expected to set a precedent for other states to follow, potentially leading to significant financial liabilities for the fossil fuel industry. Vermont, which has been flood-racked, will be sending a bill to Big Oil, with the law potentially recovering billions.