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  • Writer's pictureBy The Financial District

Vermont Enacts Law Forcing Oil Firms To Pay For Climate Change Damage

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, Lisa Rathke reported for the Associated Press (AP).


Republican Phil Scott, who will not sign the bill, said 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.



Republican Gov. Phil Scott allowed the bill to become law without his signature, 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.


The 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.




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