Vermont becomes the first US state to pass a law requiring Big Oil to pay for climate damage
In a historic move, Vermont has become the first US state to pass a law that makes major fossil fuel companies financially responsible for climate change damages.
What the Climate Superfund Act does
S.259, “An act relating to climate change cost recovery,” or the Climate Superfund Act, aims to create a new financial mechanism to cover the costs of climate adaptation and mitigation, ensuring that the polluters most responsible for greenhouse gas emissions pay their fair share.
Governor Phil Scott (R-VT) allowed the Climate Superfund Act to become law without his signature. He explained his reason for not signing to lawmakers [via Vermont Public]:
“I’m deeply concerned about both the short- and long-term costs and outcomes…” he said. “I’m also fearful that if we fail in this legal challenge, it will set precedent and hamper other states’ ability to recover damages.”
However, he said, “I understand the desire to seek funding to mitigate the effects of climate change that has hurt our state in so many ways.”
The Climate Superfund Act enables Vermont to seek financial compensation from oil, gas, and coal companies for damage caused by climate change. That includes repairing infrastructure damaged by extreme weather events, investing in renewable energy, and supporting communities affected by climate-related disasters.
The new law’s concept is similar to the federal Superfund law, which mandates that companies responsible for hazardous waste sites fund their cleanup. Vermont has extended this principle to the broader issue of climate change, marking a significant shift in environmental policy.
Lauren Hierl, executive director of Vermont Conservation Voters and a Montpelier city councilor, said, “Without the Climate Superfund, the costs of climate change fall entirely on taxpayers – and that’s not fair. Now, there is a law in place to require the corporations that caused the damage to pay, too.”
When state legislature was in session, Dartmouth College scientists told lawmakers that it’s scientifically possible to determine the extent to which climate change has contributed to the increased frequency and severity of extreme weather events, especially in the case of flooding.
Vermont was besieged by floods last summer, and damages are put at more than $1 billion.
Big Oil’s pushback on this landmark law
However, the Climate Superfund Act is expected to face significant legal challenges. The American Petroleum Institute (API), the top lobbying group for Big Oil, has already indicated plans to challenge the law in court. API stated in an opposition letter to the Vermont state Senate last week that the law…
… retroactively imposes costs and liability on prior activities that were legal, violates equal protection and due process rights by holding companies responsible for the actions of society at large; and is preempted by federal law.
Despite the expected legal battles, the implications of Vermont’s climate law could be far-reaching. If it withstands judicial scrutiny, it may inspire other states to adopt similar measures, creating a patchwork of state-level climate accountability laws. This could increase financial risks for fossil fuel companies and accelerate the transition to renewable energy as states seek to mitigate climate change impacts more aggressively.
Vermont’s Climate Superfund Act also shines a spotlight on the pivotal role that state governments can play in addressing climate change, particularly if federal action becomes stalled. This bold move by Vermont demonstrates the potential for state-level initiatives to drive progress in the fight against climate change.
Beginning in 2031, the state auditor will be responsible for assessing the program’s financial impact on Vermonters every five years.
The treasurer’s office must complete its estimate of Vermont’s climate change costs by January 2026, and the Agency of Natural Resources must submit an adaptation plan by July 2025.
Read more: Vermont just passed a 100% renewable electricity mandate
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Tesla average transaction prices (ATPs) in March are estimated at $54,582, higher year-over-year by 3.5% and higher than in February, according to the latest monthly new-vehicle ATP report from Cox Automotive’s Kelley Blue Book.
Average transaction prices for the Tesla Model 3 and Model Y were higher month-over-month and year-over-year in March. Tesla’s sales in Q1 continued their long-term decline after peaking in Q1 2023. Estimates from Kelley Blue Book suggest Tesla’s sales in Q1 2025 were lower year-over-year by more than 8%. Its deliveries were also worse than expected.
New EV prices in March overall are initially estimated by Kelley Blue Book to be $59,205, higher year-over-year by 7.0%. New EV prices increased from the revised higher February ATP of $57,015.
The ATP for an EV last month was nearly 25% higher than the industry average of $47,462, widening the price gap between new EVs and gas-powered cars even more.
But EVs are still seeing heftier incentives than the industry average. In March, the average EV incentive came in at 13.3% of the transaction price – down 1% from February’s revised 14.3% but still well above what gas cars are getting.
So, where are we heading? Higher prices, thanks to Trump’s tariffs. But what that will look like remains to be seen. Erin Keating, executive analyst at Cox Automotive, said, “All signs point to higher prices this summer, as existing ‘pre-tariff’ inventory is sold down to be eventually replaced with ‘tariffed’ inventory. How high prices rise for consumers is still very much to be determined, as each automaker will handle the price puzzle differently.”
Read more: EV incentives surged to 14.8% of ATP in Feb – highest in 5+ years
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BYD just launched the first EVs based on its new Super e-platform with ultra-fast charging. The new Han L sedan and Tang L SUV can gain nearly 250 miles range in 5 minutes, and prices start at just $30,000.
Meet BYD’s new EVs with ultra-fast charging
During a launch event on April 9, BYD introduced the new EV models, claiming its engineers have “achieved the master realm of Chinese technology.”
The Han L and Tang L are the first EVs based on BYD’s 1000V Super e-platform. After unveiling the ultra-fast EV charging platform last month, BYD’s CEO, Wang Chuanfu, said to ease charging anxiety, “The ultimate solution is to make charging as quick as refueling a gasoline car.”
That solution is now here. BYD’s new Han L is available in three trims, starting at just 219,800 yuan ($30,000), lower than the pre-sale price of 270,000 yuan ($36,800).
BYD’s new electric sedan is 5,050 mm long, 1,960 mm wide, and 1,505 mm tall, or about the size of a Tesla Model S (5,021 mm long, 1,987 mm wide, and 1,431 mm tall).
All variants are powered by an 83.2 kWh BYD Blade battery, providing up to 435 miles (701 km) of CLTC driving range. Based on BYD’s 1,000V architecture, the Han L comes with two charge guns with an up to 10C charge rate.
Nearly 250 miles in just 5 minutes?
With ultra-fast charging, the electric sedan can gain 400 km (248 miles) in just five minutes. In six minutes, it can recharge from 10% to 70%, and in just 20 minutes, it can fully recharge (0% to 100%) the battery.
Like all its new EV models, the Han L is equipped with BYD’s God’s Eye smart driving assist system. It features the mid-tier “B” version and DiPilot 300.
BYD’s new electric SUV, the Tang L, is also offered in three trims. It starts at 239,800 yuan ($32,700), also below the pre-sale price of 280,000 yuan ($38,200).
The Tang L is also based on BYD’s 1,000V architecture and ultra-fast charging platform. Powered by a 100.5 kWh battery, it has a CLTC range of up to 435 miles (701 km) and can gain 230 miles (370 km) in 5 minutes. It will take about 30 minutes to go from 0% to 100%.
BYD’s electric SUV is 5,040 mm long, 1996 mm wide, and 1,760 mm tall, or slightly bigger than the new Tesla Model Y Juniper in China (4,797 mm long, 1,920 mm wide, and 1,624 mm tall).
Like the Han L EV, the electric SUV has BYD’s God’s Eye B ADAS system with DiPilot 300. Both the Han L and Tang are available as PHEVs, starting at 209,800 yuan ($28,500) and 229,800 yuan ($31,300).
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The fintech sector is rallying Wednesday following the Trump administration’s announcement of a 90-day pause on planned tariffs.
Affirm was up 20%, Toast and Block rose 13% and PayPal increased 10%.
The 90-day pause doesn’t eliminate the threat of tariffs — it just delays it. Investors are still pricing in risk, including inflation, discretionary pullbacks, hardware import costs and credit exposure.
Legacy payment networks such as Visa and Mastercard, both up 6%, continue to benefit from inflation and their structural ties to nominal GDP. These companies take a percentage of every transaction. That makes rising prices a tailwind.
“If prices are moving up for certain goods and you’re paying with a credit card, it’s actually good for the credit card companies,” said Dan Dolev, a fintech analyst at Mizuho.
Their pricing structure has historically made them resilient during inflationary periods, including recessions. The situation is less rosy for the new wave of consumer lending fintechs.
Affirm, which specializes in allowing consumers to buy now and pay later, could suffer if consumers pull back spending when the pause is lifted as a result of tariffs causing prices to rise. The San Francisco-based company could see its revenue less transaction costs margins — essentially what the company pockets after paying processing fees and customer incentives — drop more than 22% in that scenario, according to a Goldman Sachs estimate on Tuesday.
The adoption of buy now, pay later may rise as consumers hit credit limits, said SIG analyst James Friedman, but he added that the model remains untested in a downturn.
Toast, Block and Fiserv, which was up 6%, develop software used by restaurants and small businesses. Those companies could face rising hardware costs and softening demand from customers if the tariffs go through.
Meanwhile, cross-border payments — one of the most profitable segments for Visa, Mastercard and PayPal — remain under pressure as global travel slows and e-commerce flows adjust to the uncertainties of Trump’s tariffs.
Even remittance players such as Remitly and Western Union, both up 8%, could face longer-term pain if immigration pipelines slow or remittance corridors tighten under regulatory scrutiny. Similar to cross-border commerce, remittances depend on a steady flow of people and transactions, both of which remain fragile.
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