{"id":84630,"date":"2024-06-04T00:00:00","date_gmt":"2024-06-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/06\/04\/vermont-makes-oil-companies-pay-up-china-connects-5-gw-of-solar-energy-to-its-grid\/"},"modified":"2024-06-04T00:00:00","modified_gmt":"2024-06-04T00:00:00","slug":"vermont-makes-oil-companies-pay-up-china-connects-5-gw-of-solar-energy-to-its-grid","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/06\/04\/vermont-makes-oil-companies-pay-up-china-connects-5-gw-of-solar-energy-to-its-grid\/","title":{"rendered":"Vermont makes oil companies pay up + China connects 5 GW of solar energy to its grid"},"content":{"rendered":"

US\u2019 Vermont state makes big oil pay up: <\/strong>Vermont has become the first US state to mandate that fossil fuel companies must pay for climate damages, The Financial Times<\/a> reports. Vermont's new law aims to hold oil and gas companies responsible for their contributions to regional GHG emissions and their impact on public health, natural resources, agriculture, economic development, and housing. The legislation also requires the state\u2019s treasurer to determine by 2026 the total cost of greenhouse gas (GHG) emissions to Vermont residents over the past 20 years.<\/p>\n

Similar laws are gaining traction across the US:<\/strong> Maryland, Massachusetts, New York, and California have attempted to pass similar bills this year, although without success, FT writes.<\/p>\n

REMEMBER- California took big oil to court for downplaying fossil fuel risks:<\/strong> The state of California filed a lawsuit<\/a> last year against oil majors including BP, Exxon, Chevron, Shell and ConocoPhillips for causing USD bns in economic and environmental damages by misleading the public on the impact long-standing fossil fuel extraction has on the economy and communities. The lawsuit alleges big oil firms and trade groups have known since at least the 1960s that their operations are warming the planet and causing \u201ctens of bns of USD\u201d in damages. <\/p>\n

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China <\/strong>connects the world\u2019s largest solar farm: <\/strong>The state-owned Power China<\/a> has connected the world\u2019s largest solar power plant to the grid with a capacity of 5 GW, Reuters<\/a> reported. The 200k acre farm, located in northwestern Xinjiang, will generate around 6 bn KWh annually. The farm is in the same region as China\u2019s other two largest solar plants, each with a capacity of 3 GW.<\/p>\n

ICYMI- China planning more clean energy:<\/strong> China has eased the limits<\/a> on renewable power installations in energy-rich areas, one of several policies issued last week to promote clean energy. China's National Development and Reform Commission is also requiring provinces to develop energy-efficiency plans<\/a> for entities responsible for 70% of consumption and carbon emissions by the end of 2025. <\/p>\n

REFRESHER- China led renewables growth last year: <\/strong>Renewable energy expansion was led by Asia in 2023, which added 326 GW in capacity, representing 69% of the global increase. This was mainly driven by China, whose capacity increased by 63%<\/a>, reaching 297.6 GW. <\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n