Regulators Approve GlobalFoundries Agreement with CLF

Company will be required to follow climate and environmental laws

October 24, 2022 (MONTPELIER, VT) – Vermont’s Public Utility Commission has approved an agreement between Conservation Law Foundation (CLF) and GlobalFoundries, a manufacturing company in Essex. The company is planning to create its own electric utility, and the agreement ensures that it will follow the state’s climate and environmental laws.

“No one can be allowed to skirt Vermont’s critical environmental laws,” said Elena Mihaly, Vice President of CLF Vermont. “With climate impacts at our doorstep, everyone—no matter how big or powerful – should be held accountable to Vermont’s climate requirements. This agreement makes sure that GlobalFoundries does its part to reduce climate pollution, advance energy efficiency, and transition to clean, renewable energy.”

Under the agreement, GlobalFoundries will form a public utility serving a portion of Essex, Vermont. It will adhere to the state’s Renewable Energy Standard, as well as other renewable energy and energy efficiency requirements.

GlobalFoundries has also agreed to pay taxes on the electricity its public utility will sell. Funds raised from these taxes will support weatherization programs, making homes more energy efficient for households with low incomes and funding some of Vermont’s most important climate agencies. 

Finally, the company has promised to build a five-megawatt solar plant at its Essex location

CLF experts are available for further comment.