Climate Superfund Act Passes in Vermont House, Holding Fossil Fuel Companies Accountable for Climate-Related Damages

Flooding in downtown Montpelier, Vermont on July 11, 2023, highlighted the urgent need for action on climate change and its impacts. The state of Vermont has taken a significant step towards holding fossil fuel companies accountable for their role in climate-related damages with the passing of S.259, also known as the Climate Superfund Act.

The Climate Superfund Act, introduced to create a Climate Superfund Cost Recovery Program, aims to collect recovery costs for climate-related damages from the biggest emitters, such as fossil fuel companies. The program would assess fossil fuel businesses to determine their share of costs for actions that led to increased greenhouse gases and related costs in the state.

Attribution science would be used to measure extreme weather events linked to climate change in Vermont and calculate companies’ emissions from 1995 to 2024 to determine their share of the costs. The funds collected from the program would be put into a Climate Superfund Cost Recovery Program Fund managed by the state’s Agency of Natural Resources, with the funds going towards state projects that improve adaptation or resilience to climate change.

Andrew Pershing, vice president for science at Climate Central, highlighted the impact of human-caused climate change on extreme weather events, stating that New England has seen a 60% increase in the heaviest precipitation days. He also noted that for every 1-degree Fahrenheit increase in temperature, there is a 4% increase in the amount of water vapor the atmosphere can hold.

If the bill passes the final approval vote in the state Senate and is signed by the governor, Vermont would be the first state to hold companies with high emissions financially responsible for climate-related damages. Other states, including New York, Massachusetts, California, and Maryland, are also working towards passing similar legislation.

Despite potential hurdles, such as a veto from Republican Governor Phil Scott or legal battles from opposing companies, supporters of the bill believe in the importance of holding companies accountable for their contributions to climate change. Ben Edgerly Walsh, climate and energy program director for the Vermont Public Interest Research Group, emphasized the need for financial resources to address the impacts of the climate crisis.

Vermont’s recent experiences with record-breaking warmth and costly flooding underscore the urgency of taking action on climate change. By passing the Climate Superfund Act, Vermont is taking a proactive step towards addressing climate-related damages and holding those responsible accountable for their actions.