The Vermont Legislature is advancing legislation requiring big 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.
The state Senate is expected to give final approval this week to the proposal, which would create a program that fossil fuel companies would pay into for climate change adaption projects in Vermont. It will then be considered in the House.
“In order to remedy the problems created by washed out roads, downed electrical wires, damaged crops and repeated flooding, the largest fossil fuel entities that have contributed to climate change should also contribute to fixing the problem that they caused,” Sen. Nader Hashim, a Democrat from Windham County, said to Senate colleagues on Friday.
Maryland, Massachusetts and New York are considering similar measures, but Vermont’s bill is moving quicker through the Legislature.
We know how much damage natural disasters cause. Take the percentage increase of those disasters caused by climate change, make them pay the corresponding percentage multiplied by the total damage numbers.
Probably not perfect but this is just a way I thought of in 5 seconds, I bet they can think of something.
This is the problem. What’s the increase? What’s the baseline? The 1800’s? Just because a storm is more powerful, does that necessarily mean it does more damage? Maybe so but maybe not. Maybe a stronger storm misses land altogether. Is the increase in damage proportional to the increase in power or does it go up by the square or cube?
It’s impossible to calculate.
Is it though? Just because you cannot figure it out doesnt mean they won’t be able to find a close enough approximation for this to work
Exactly. Economists have already posted all kinds of calculations about who has caused how much damage to the environment. Pick one, figure out which parts of the calculation affect your area, and set the rates.