Severe flooding struck Chester and other parts of Vermont in 2023. The state enacted a law this year that seeks to charge fossil fuel companies for the damages caused by climate change. (Scott Eisen/Getty Images)
Vermont is the first state trying a new approach to climate policy: charging fossil fuel companies money to cover the damages caused by natural disasters worsened by climate change.
Other states could be close behind. New York lawmakers passed their own measure in June, though it’s unclear if Democratic Gov. Kathy Hochul will sign the bill. And legislators in California, Maryland, Massachusetts and New Jersey have introduced similar bills, which environmental advocates in those states have identified as a top priority for upcoming sessions…