New York Governor Kathy Hochul signed a bill into law that will require large fossil fuel companies to pay fees to help the state combat the effects of climate change. The new law mandates that companies responsible for substantial greenhouse gas emissions contribute to a state fund for infrastructure projects aimed at repairing and preventing damage from climate change.
The legislation, known as the Climate Change Superfund Act, aims to force big oil and gas companies to pay for the costs of repairs following extreme weather events and funding resiliency projects such as coastal wetland restoration and upgrades to infrastructure like roads, bridges, and water drainage systems. State Senator Liz Krueger, a Democrat who sponsored the bill, emphasized that the companies most responsible for the climate crisis should be held accountable and pay their fair share to help New Yorkers deal with the consequences.
The law targets the biggest emitters of greenhouse gases between 2000 and 2018, but the fines will not be implemented immediately. The state still needs to establish rules for identifying responsible parties, notifying companies of the fines, and determining which infrastructure projects will be funded by the super fund. Legal challenges are expected, with the American Petroleum Institute expressing concerns about the legislation being a punitive fee on American energy.
The move by New York comes after Vermont implemented a similar law, showing a growing trend towards holding fossil fuel companies accountable for their role in contributing to climate change.
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