A wave of legislative initiatives across several states is stirring the debate over climate accountability, with implications for the oil and gas industry. At the forefront are efforts to establish state-level versions of the federal Superfund program, targeting major fossil fuel companies for the climate impacts of their products.
Vermont, New York, Massachusetts, and Maryland are among the states considering bills modeled after the Superfund program. These bills aim to make fossil fuel companies liable for the damage caused by their historical emissions, particularly in relation to floods and sea-level rise.
In Vermont, where extreme flooding wreaked havoc last year, a significant majority of lawmakers support the proposed legislation. The bill, sponsored by Democratic state Sen. Anne Watson, draws strength from attribution science, which links extreme weather events to climate change and offers a basis for seeking compensation from fossil fuel giants.
The legislation varies by state but generally targets the largest fossil fuel firms, seeking financial accountability for their past actions. In Maryland, for instance, the proposed bill seeks $9 billion from about 40 major fossil fuel companies. Similar bills in New York and Massachusetts aim for $75 billion in compensation.
Supporters argue that these bills are necessary as states grapple with the mounting costs of climate-related disasters. They emphasize that attributing these costs to fossil fuel companies aligns with the principle of making polluters pay for the damage they cause.
However, the oil industry opposes these bills, labeling them as retroactive taxes. Business groups warn that such legislation could lead to higher consumer prices, while some corners of the sector question the validity of attribution science.
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Despite the pushback, advocates are gaining momentum, buoyed by the urgency of addressing climate impacts. With states facing significant financial burdens from climate-related disasters, the question of who bears responsibility is no longer theoretical. Advocates argue that it’s time for fossil fuel companies to be held accountable for the mess they’ve contributed to, shifting the financial burden away from taxpayers.