In a daring legislative strike, Vermont is taking on the giants of the oil industry with the Climate Superfund Law.
This first-of-its-kind bill is designed to hold major oil companies accountable for climate change disasters.
Passed overwhelmingly by the state legislature in Burlington this week, with a vote of 26-3 in the Senate and 94-38 in the House, the law aims to recover billions of dollars.
It targets corporations that have long profited while the planet has suffered.
The bill returns to the Senate for a final nod before landing on Governor Phil Scott’s desk.
Once enacted, Vermont will become the trailblazer, with Maryland, Massachusetts, California, and New York racing to follow.
Drawing inspiration from an Environmental Protection Agency (EPA) program that forces polluters to clean up toxic spills or reimburse the government, Vermont’s approach goes further.
It aims to charge companies based on their carbon dioxide emissions from 1995 to 2024, using data from the Carbon Majors database, which tracks the world’s biggest polluters.
But the oil companies aren’t backing down quietly. Critics such as Republican Senator Randy Brock, who likened Vermont’s $8.5 billion annual budget to ExxonMobil’s $344.6 billion revenue, foresee a battle.
Vermont’s Battle Against Climate Change
They compare it to a fight between a mosquito and a giant. Nevertheless, Vermont remains undeterred.
In the broader fight, New York leads other states in pushing similar measures.
Meanwhile, Senator Bernie Sanders of Vermont and Chris Van Hollen of Maryland attempted to embed similar provisions in President Biden’s Inflation Reduction Act.
These provisions could have cost oil companies $500 billion.
Vermont’s fierce commitment is driven by an alarming climate reality: devastating floods last summer and more storms this winter have made climate change personal.
Governor Scott, no climate denier, knows traditional methods can’t handle these new challenges.
With this legislation, Vermont is sending a clear message to polluters: You will pay for the damage you’ve caused.