On July 1, 2024, Vermont became the first US state to create a climate recovery superfund.
The law will require fossil fuel extractors and refiners, who account for significant greenhouse gases, to pay for their share of the climate change clean-up incurred by the State.
The money received by the State will be used for climate change projects.
Similar laws are pending in New York, California, Maryland and Massachusetts.
The New York law has passed the house and senate and is waiting for signature by the governor. If approved, it will seek a $3 billion per year recovery from the fossil fuel industry, just for that one state.
Massachusetts has the same $3 billion per year target and Maryland is targeting $360 million per year.
If these laws get put in place, other states, who do not have climate superfunds, but paying more for fossil fuel because of these state superfunds, might rush to pass their own.
Think about where your business sits on this debate. Are you a follower, waiting to see what happens and what others in your sector do; or do you want to get ahead of this and be seen as a business that is leading the charge?
If you prefer to lead rather than follow, read this on what you want in a sustainability program, watch this master class, and contact us.