Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Sparks

Vermont Is One Signature Away From Making Big Oil Pay for Climate Change

The state’s Republican governor has a decision to make.

Vermont flooding.
Heatmap Illustration/Getty Images

A first-of-its-kind attempt to make fossil fuel companies pay for climate damages is nearly through the finish line in Vermont. Both branches of the state legislature voted to pass the Climate Superfund Act last week, which would hit oil and gas companies with a bill for the costs of addressing, avoiding, and adapting to a world made warmer by oil and gas-related carbon emissions.

The bill now heads to the desk of Republican Governor Phil Scott, who has not said whether he will sign it. If he vetoes it, however, there’s enough support in the legislature to override his decision, Martin LaLonde, a representative from South Burlington and lead sponsor of the bill, told me. “It's a matter of making sure everybody shows up,” he said.

The Superfund Act is one of several actions the Vermont legislature is taking to address climate change this year. Another bill would strengthen the state’s clean electricity target, requiring utilities to source 100% of their electricity from renewable sources by 2035. (Existing law sets the target at 75% renewable energy by 2032.) A third bill pushes forward a number of innovative utility programs, including Burlington Electric Company’s “gasoline superuser” program that would incentivize the people who drive the most to switch to an electric vehicle.

In addition to Vermont, four other states are contemplating climate superfund legislation this year. Climate superfund bills in Maryland and Massachusetts have stalled, but nearly identical policies are still moving through statehouses in New York and California.

All five states have also attempted to sue fossil fuel companies for damages or misleading the public about the dangers of their products or both, but none of the cases has yet made it to trial. The Superfund idea represents a new approach. Oil and gas companies are sure to fight the law in court, but if they do, the burden of proof will fall on them, rather than on the states.

LaLonde, who chairs the House Judiciary Committee in Vermont, helped craft the bill early on, working closely with the legislative council. He wanted to understand the bill’s legal vulnerabilities and any other issues that could hold it up, but ultimately determined it was an entirely defensible concept. The bill is modeled after the federal Superfund law, which gives the Environmental Protection Agency the authority to recover the cost of cleanup of heavily contaminated sites from those responsible for the contamination.

“I think it's fairly straightforward that these companies should pay their fair share of remediation,” LaLonde told me, “They've made billions and billions of dollars selling this product and have caused a lot of damage. And they knew about this. They knew the impacts.”

What’s less straightforward is determining what constitutes a fair share. First, the State Treasurer will be tasked with assessing the cost incurred by Vermont as a result of global emissions from fossil fuels between 1995 and 2024 — Vermont incurred damages estimated at hundreds of millions of dollars from flooding in 2023 alone. The state’s Department of Natural Resources will also have to map out a resilience strategy, which would be funded by proceeds from the Superfund law. The soonest it could begin paying out is 2028, but due to expected legal challenges, even that timeline is unlikely to hold.

“It is a big deal to get moving on this,” said LaLonde. “But boy, we have a long road to go.”

Blue

You’re out of free articles.

Subscribe today to experience Heatmap’s expert analysis 
of climate change, clean energy, and sustainability.
To continue reading
Create a free account or sign in to unlock more free articles.
or
Please enter an email address
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Sparks

Trump’s Offshore Wind Ban Is Coming, Congressman Says

Though it might not be as comprehensive or as permanent as renewables advocates have feared, it’s also “just the beginning,” the congressman said.

A very large elephant and a wind turbine.
Heatmap Illustration/Getty Images

President-elect Donald Trump’s team is drafting an executive order to “halt offshore wind turbine activities” along the East Coast, working with the office of Republican Rep. Jeff Van Drew of New Jersey, the congressman said in a press release from his office Monday afternoon.

“This executive order is just the beginning,” Van Drew said in a statement. “We will fight tooth and nail to prevent this offshore wind catastrophe from wreaking havoc on the hardworking people who call our coastal towns home.”

Keep reading...Show less
Sparks

One Reason Trump Wants Greenland: Critical Minerals

The island is home to one of the richest rare earth deposits in the world.

Donald Trump.
Heatmap Illustration/Getty Images

A top aide to incoming President Donald Trump is claiming the president-elect wants the U.S. to acquire Greenland to acquire more rare minerals.

“This is about critical minerals. This is about natural resources,” Trump’s soon-to-be national security advisor Michael Waltz told Fox News host Jesse Watters Thursday night, adding: “You can call it Monroe Doctrine 2.0, but it’s all part of the America First agenda.”

Keep reading...Show less
Green
Sparks

An Insurance Startup Faces a Major Test in Los Angeles

Kettle offers parametric insurance and says that it can cover just about any home — as long as the owner can afford the premium.

Los Angeles fire destruction.
Heatmap Illustration/Getty Images

Los Angeles is on fire, and it’s possible that much of the city could burn to the ground. This would be a disaster for California’s already wobbly home insurance market and the residents who rely on it. Kettle Insurance, a fintech startup focused on wildfire insurance for Californians, thinks that it can offer a better solution.

The company, founded in 2020, has thousands of customers across California, and L.A. County is its largest market. These huge fires will, in some sense, “be a good test, not just for the industry, but for the Kettle model,” Brian Espie, the company’s chief underwriting officer, told me. What it’s offering is known as “parametric” insurance and reinsurance (essentially insurance for the insurers themselves.) While traditional insurance claims can take years to fully resolve — as some victims of the devastating 2018 Camp Fire know all too well — Kettle gives policyholders 60 days to submit a notice of loss, after which the company has 15 days to validate the claim and issue payment. There is no deductible.

Keep reading...Show less