Vermont passes bill to charge fossil fuel companies for damages from climate change
NBCAPR 25 2024
Vermont to Charge Big Oil for Climate Damage
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The Facts
Vermont lawmakers have approved a bill aimed at holding fossil fuel companies liable for damages caused by the climate crisis.
The Climate Superfund Act passed with a supermajority in both the state House and Senate. If it passes a final vote in the Senate later this week, it will head to Gov. Phil Scott's desk for approval.
Modeled after the Environmental Protection Agency's superfund program, the legislation will require fossil fuel companies to pay for global warming-related extreme weather events, the cost to the state, and the share of their emissions between 1995 and 2024.
The Spin
Narrative A
Fossil fuels contribute heavily to climate change, and the companies that benefit the most from this should be held accountable. Bills like this one are necessary for addressing the impacts of climate change and providing much-needed financial resources for affected communities by ensuring they are contributing fairly to the costs of mitigation and adaptation measures.
Narrative B
While extreme weather events have caused unprecedented damage, bills like this may not successfully raise the funds needed to pay for repairs and mitigation efforts. Instead, the state could be overwhelmed with legal efforts and fees needed to defend and enforce the legislation. Additionally, requiring companies to pay for damages unrelated to their negligence may be unconstitutional.
Metaculus Prediction
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