Vermont's Climate Change Cost Recovery Law
Vermont's Republican governor allowed a law to pass requiring oil companies to pay for climate change costs, despite his concerns, by establishing a Climate Superfund Cost Recovery Program.
Key Points
- Establishes a Climate Superfund Cost Recovery Program in Vermont
- Requires oil companies to pay for greenhouse gas-related costs
- Criticism from the American Petroleum Institute
- Similar policies being considered in other states
Pros
- Holding oil companies accountable for climate change costs
- Funding climate change adaptive infrastructure projects in Vermont
Cons
- Concerns about legal challenges and financial burden
- Opposition from oil and gas industry lobby group