World News | Vermont Becomes 1st State to Require Oil Companies Pay for Damage from Climate Change

Montpelier (USA), May 31 (AP) Vermont has become the first state to enact a law requiring fossil fuel companies pay a share of the damage caused by climate change after the state suffered catastrophic summer flooding and damage from other extreme weather.

Republican Gov Phil Scott allowed the bill to become law without his signature late Thursday.

Also Read | US-British Airstrikes in Yemen: Houthis Claim 16 Civilians Killed in Strikes Launched by US and UK in Hodaidah.

He said in his message to lawmakers that he is “deeply concerned about both short- and long-term costs and outcomes” and if the state fails in this legal challenge “it will set precedent and hamper other states' ability to recover damages.”

Maryland, Massachusetts and New York are considering similar measures.

Also Read | Russia-Ukraine War: Five Killed, 24 Injured in Russian Missile Attacks in North-Eastern Ukrainian City of Kharkiv.

Under the legislation, the Vermont state treasurer, in consultation with the Agency of Natural Resources, would provide a report by January 15, 2026, on the total cost to Vermonters and the state from the emission of greenhouse gases from January 1, 1995 to December 31, 2024.

The assessment would look at the affects on public health, natural resources, agriculture, economic development, housing and other areas.

It's a polluter-pays model affecting companies engaged in the trade or business of extracting fossil fuel or refining crude oil attributable to more than 1 billion metric tons of greenhouse gas emissions during the time period.

The funds could be used by the state for such things as upgrading stormwater drainage systems; upgrading roads, bridges and railroads; relocating, elevating or retrofitting sewage treatment plants and making energy efficient weatherization upgrades to public and private buildings. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)