A new bill in California aims to make oil and gas companies responsible for damages caused by climate change-related disasters, mirroring existing laws holding utility companies liable for wildfires started by their equipment. Supporters argue this will help victims and stabilize the state's struggling insurance market.
California lawmakers are advancing legislation that would hold oil and gas companies accountable for damages caused by climate change-related disasters. Introduced by two Democratic lawmakers, the bill seeks to establish liability for oil and gas companies in a manner similar to the existing law holding utility companies responsible for wildfire damages caused by their equipment.
Supporters argue that this measure is crucial to alleviate the financial burdens on victims of such disasters, as well as stabilize the state's insurance market, which has been grappling with a crisis due to rising costs and limited coverage in wildfire-prone areas.
CALIFORNIA CLIMATE CHANGE OIL AND GAS COMPANIES LIABILITY WILDFIRE DAMAGES INSURANCE MARKET LAWMAKERS
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