Finshots Daily Why California wants Big Oil to pay for its wildfires?
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Jan 21, 2025 Wildfires in California are becoming increasingly costly, with damages estimated at $150 billion. The podcast dives into how fossil fuel companies may share the financial burden for these disasters. It examines the intense connection between climate change and the rising severity of wildfires, stressing the need for corporate accountability. Additionally, it highlights problematic tax loopholes that have allowed Big Oil to evade taxes, ultimately draining state resources needed for climate action and intensifying the wildfire crisis.
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Wildfire Costs
- The 2025 Los Angeles wildfires caused an estimated $150 billion in damage, nearing the $250 billion from Hurricane Helen.
- This makes the wildfires one of the costliest climate catastrophes in US history.
Climate Change and Wildfires
- Climate change is worsening California's wildfires, exacerbated by longer dry seasons and 'hydroclimate whiplash'.
- Fossil fuel companies are blamed for contributing to climate change and thus indirectly to the severity of the wildfires.
Tax System and Wildfires
- Fossil fuel companies allegedly lobbied for the "Water's Edge election" tax system in the 1980s.
- This system reduced California's tax revenue, leading to budget cuts affecting climate programs that could have mitigated wildfire damage.