The fossil fuel industry is a very risky business, and often these risks materialize. Think of the 1989 Exxon Valdez oil spill, the 2016 oil train derailment in Mosier, Oregon, and the 2017 gas pipeline explosion in Seattle’s Greenwood neighborhood. It might seem logical that polluters would be expected pay for the damage they cause, but that is not always the case. Too often taxpayers are the ones who foot the bill for an accident because under current laws, the public cannot count on the industry to cover the financial impacts of fossil fuel pollution or remediation
On this episode of Locus Focus we talk with Daphne Wysham and John Talberth with the Center for Sustainable Economy about what would happen if fossil fuel companies had to pre-pay for their risks and future liabilities before they could even operate.
Daphne Wysham directs Center for Sustainable Economy's Climate Justice Program. A former Fellow at the Institute for Policy Studies in Washington, D.C., where she worked for 20 years, Daphne has worked since the mid-1990s on research and advocacy at the intersection of climate justice and sustainable economies.
John Talberth is the founder of Center for Sustainable Economy and currently serves as both President and Senior Economist. John coordinates consulting work with non-profits, businesses, universities, and government agencies seeking environmental economics expertise and analysis to support their sustainability initiatives and programs. He also leads work on CSE’s Wild and Working Forests, Genuine Progress, and Green Infrastructure Programs.