Overview

• California lawmakers introduced Senate Bill 222, which would allow victims of climate-related disasters and insurance companies to sue oil and gas companies for damages.
• The bill's supporters argue that fossil fuel companies knowingly contributed to climate change, exacerbating disasters like wildfires and flooding, which have caused billions in damages.
• Proponents claim the measure could stabilize California's struggling insurance market by enabling insurers to recover costs from oil companies instead of raising rates for policyholders.
• Critics, including oil industry representatives, argue the bill unfairly scapegoats fossil fuel companies and fails to address underlying issues like poor forest and water management.
• The legislation follows record-breaking wildfires in Los Angeles that destroyed over 12,000 structures and are estimated to be the costliest natural disasters in U.S. history.