Vermont enacted legislation Friday that would require energy companies to make huge payments to cover costs blamed on climate change, and several other states could follow suit.
Republican Governor of Vermont Phil Scott approved The state’s climate “Superfund” bill, which became law Friday without his signature, would require energy producers that have emitted more than 1 billion tons of greenhouse gases since 1995 to make “Superfund” payments to pay for disasters allegedly caused or exacerbated by climate change. according to According to NBC News, the new law is likely to be the subject of a legal battle with the energy industry, and some Democratic-leaning states, including New York and Massachusetts, are aiming to pass similar bills in the near future.
“What these states are basically saying is, ‘If you make something we don’t like, we’ll fine you and send you into oblivion, no matter where in the world you do it, and we’ll use all that money for products and projects that progressives like,'” Consumers Union executive director O.H. Skinner told the Daily Caller News Foundation. “The message that American companies will hear, which is really bad for consumers, is that Vermont, California and New York will stop making what they don’t like, take it off the market, and start making what New York and California are spending billions of dollars on.” (Related story: This populous blue state enacts green energy mandate that experts say threatens grid reliability)
Vermont Governor Phil Scott (L) and Vermont Democratic gubernatorial candidate Christine Hallquist meet before a debate at the Tunbridge World’s Fair in Tunbridge, Vermont, on September 14, 2018. (Photo by Don Emmert/AFP via Getty Images)
of The amount of debt a company owes is calculated based on the valuation. of How much has climate change influenced extreme weather? in According to NBC News, Vermont has revealed how much these events cost businesses, with the percentage of damages calculated as follows: of of The total duty amount depends on how many tons of The amount of carbon dioxide emitted by each country from 1995 to 2024.
Governor Scott did not sign the bill because he doubted whether a state the size of Vermont could effectively fight back against big companies and recover damages, and said failure to do so could negatively impact efforts in other states to force big oil to pay damages, he explained in a statement Thursday. letter to lawmakers. But he said,[understands] The desire for funds to mitigate the effects of climate change is [his] The state is proving that in a variety of ways.”
Meanwhile, the American Petroleum Institute, the largest oil and natural gas interest group in the United States, Ridiculed They criticized the Vermont bill, calling it a possible constitutional violation, but the threat of a lawsuit may not deter other states from pushing similar bills through to the final stages in the near future.
of Rockefeller Family Foundation The group, a deep-pocketed progressive charity run by descendants of oil tycoon John Rockefeller, has been pressuring state and federal officials to pass “Superfund” legislation that would penalize energy companies, including in Vermont. according to Other activist groups, according to The Wall Street Journal, include: Sierra Clubargues that climate “Superfund” laws are an effective way to go after traditional energy producers. (Related article: US billionaires fund activist campaign against natural gas hub before Biden approves suspension)
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Maryland lawmakers introduced their own climate “Superfund” bill in early 2024, but the bill did not make it out of committee this legislative session. according to For Maryland Matters: The bill didn’t make much headway this year due to concerns from skeptics that it would harm consumers or be subject to lengthy court battles, but supporters expect it to return to the table next year.
California is also considering its own “Superfund” bill, which could provide billions or even tens of billions of dollars in funding to the state. according to To Politico. SB1497 The bill would direct the state to tax energy producers that do business in the state and emit more than 1 billion tons of greenhouse gases between 2000 and 2020, which would apply to about 40 companies.
A similar “polluter pays” bill under consideration in New York would require large energy companies based in the state to contribute $3 billion cumulatively each year for 25 years to help the state pay for climate-related infrastructure projects, but after passing the state Senate, it may stall in the state Assembly. according to For E&E News.
Massachusetts, another Democratic-leaning state, also has a climate “Superfund” bill moving through the state legislature, according to E&E News. Like New York, Massachusetts would seek to collect $75 billion from energy producers if the bill becomes law.
The offices of New York Democratic Gov. Kathy Hauckle, Maryland Democratic Gov. Wes Moore, California Democratic Gov. Gavin Newsom and Massachusetts Democratic Gov. Maura Healey did not immediately respond to requests for comment.
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