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Slashdot: Vermont Becomes 1st State To Enact Law Requiring Oil Companies Pay For Damage From Climate Change

Vermont Becomes 1st State To Enact Law Requiring Oil Companies Pay For Damage From Climate Change
Published on June 01, 2024 at 01:00AM
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. From a report: 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. Scott, a 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. Last July's flooding from torrential rains inundated Vermont's capital city of Montpelier, the nearby city Barre, some southern Vermont communities and ripped through homes and washed away roads around the rural state. Some saw it as the state's worst natural disaster since a 1927 flood that killed dozens of people and caused widespread destruction. It took months for businesses -- from restaurants to shops -- to rebuild, losing out on their summer and even fall seasons. Several have just recently reopened while scores of homeowners were left with flood-ravaged homes heading into the cold season.

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