spooh
Vermont this week became the first U.S. state to pass a law requiring oil and gas companies to pay for climate change-related damages caused by their emissions, a move that is sure to trigger legal challenges from the energy industry.
Gov. Phil Scott allowed the bill to become law without his signature late Thursday, citing concerns about the costs and consequences for the small state facing off against “Big Oil” alone in a long and expensive battle.
“With only $600,000 allocated by the Legislature to complete an analysis that will need to withstand intense legal scrutiny from a well-funded defense, we are not setting ourselves up for success,” Scott said in a statement. Message to state legislators.
“But I understand the desire to seek funding to mitigate the effects of climate change, which has harmed our state in so many ways,” the governor wrote.
The American Petroleum Institute said it was “deeply concerned that (the law) retroactively imposes costs and liability on prior activities that were lawful, violates equal protection and due process rights by holding companies responsible for the actions of society as a whole; and is contrary to the law.” “Discharged under federal law.”
New York, California, Massachusetts and Maryland are considering similar legislation.
ETFs: (NYSEARCA:XLE), (ICLN), (QCLN), (PBW), (PBD), (ACES), (CNRG), (ERTH), (SMOG)
The post Vermont is first state to pass law requiring Big Oil to pay for climate change damage first appeared on Investorempires.com.