States push for fossil fuel companies to fund climate resilience
Several U.S. states are advancing legislation to make oil companies pay for the climate damages caused by their emissions.
Emily Sanders reports for Fast Company.
In short:
- Vermont has enacted a climate superfund law, with New York and others considering similar measures.
- These bills, inspired by the federal Superfund program, would make oil companies pay for climate-related damages.
- The proposed laws would calculate costs based on emissions attributed to fossil fuels sold over specified periods.
Key quote:
“States and municipalities are suffering enormous costs from the damage associated with climate change and the money they have to spend now to prepare for the consequences they’re going to face in the future, at the same time as fossil fuel industry actors are posting record profits from creating these harms.”
— Martin Lockman, climate law fellow at the Sabin Center for Climate Change Law, Columbia University
Why this matters:
Climate superfund bills represent a significant step in holding fossil fuel companies accountable for environmental harm. They aim to provide essential funding for climate adaptation and resilience, shifting financial responsibility to those who contributed most to the problem.
