Oil

Montpelier, Vermont

Vermont becomes first U.S. state to require oil companies to pay for climate change damages

| By | -, Change Milestones

Vermont has enacted a law requiring fossil fuel companies to pay a share of the damage caused by climate change after the state suffered catastrophic summer flooding and damage from other extreme weather. The funds could be used for upgrading stormwater drainage systems; upgrading roads, bridges and railroads; relocating, elevating or retrofitting sewage treatment plants; and making energy-efficient weatherization upgrades to public and private buildings.

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A Polar bear surrounded by arctic wilderness

Biden limits oil drilling across 13 million acres of Alaskan Arctic

| By | -, Change Milestones

Future oil and gas drilling will be limited across more than 13 million acres of the National Petroleum Reserve-Alaska, the nation’s largest expanse of public land, under a sweeping Biden administration plan aimed at protecting sensitive ecosystems and wildlife. In a separate move, the Department of the Interior has announced that it will block a controversial road crucial to operating a planned copper and zinc mine in northern Alaska, saying it would threaten Indigenous communities and fragment wildlife habitat.

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Offshore oil rig at sunset

U.K. quits treaty that lets fossil fuel firms sue governments over climate policies

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The U.K. will quit the controversial energy charter treaty (ECT) after efforts to align it with net zero emissions plans failed. The treaty allows fossil fuel investors to sue states for lost profit expectations in an opaque corporate arbitration system set up to protect fossil fuel investors in the former Soviet economies in the 1990s.

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Wind turbines amid clouds

Wind power overtakes natural gas in the E.U. for first time ever

| By | -, Change Milestones

The ⁠European Union saw a record drop in fossil fuel power last year, according to a new analysis by energy think tank Ember. In 2023, coal generation fell by 26%, while gas generation fell by 15%. Along with a record buildout of renewables and a downturn in demand, the decline of fossil fuels led to an unprecedented drop in emissions from generating electricity, which fell by 19%. Now, for the first time, wind power supplies more electricity for Europe than either natural gas or coal.

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