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Yesterday β€” 17 May 2024Main stream

Cop29 at a crossroads in Azerbaijan with focus on climate finance

Fossil-fuel dependent country hopes to provide bridge between wealthy global north and poor south at November gathering

Oil is inescapable in Baku, the capital of Azerbaijan. The smell of it greets the visitor on arrival and from the shores of the Caspian Sea on which the city is built the tankers are eternally visible. Flares from refineries near the centre light up the night sky, and you do not have to travel far to see fields of β€œnodding donkeys”, small piston pump oil wells about 6 metres (20ft) tall, that look almost festive in their bright red and green livery.

It will be an interesting setting for the gathering of the 29th UN climate conference of the parties, which will take place at the Olympic Stadium in November.

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Β© Photograph: Grigory Dukor/Reuters

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Β© Photograph: Grigory Dukor/Reuters

Before yesterdayMain stream

Oil companies may soon have to pay for Vermont’s climate recovery

9 May 2024 at 13:58
Ripton, VT - July 16, 2023: Ethan Poploski stood in front of his family's home, which had been destroyed by a landslide overnight.

Enlarge / Ripton, VT - July 16, 2023: Ethan Poploski stood in front of his family's home, which had been destroyed by a landslide overnight. (credit: Boston Globe / Contributor | Boston Globe)

Vermont may soon become the first state to force fossil fuel companies to pay their fair share to cover recovery efforts from climate change damages. This week, the state's potentially groundbreaking law passed a preliminary vote in the Senate, where a final vote is expected soon that would likely send the law to the governor's desk. And there's reportedly broad enough support to override any attempt to veto the law.

By passing a law that mimics the Environmental Protection Agency’s Superfund programβ€”which "forces the parties responsible for the contamination" of lands "to either perform cleanups or reimburse the government for EPA-led cleanup work"β€”Vermont hopes to create a Climate Superfund Cost Recovery Program.

If enacted, the law could end up costing fossil fuel companies billions for climate damages in Vermont alone and serve as a model for other states similarly seeking to combat their worst impacts.

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