State legislative records and news reports

Governor Hochul Signs Climate Change Superfund Act; Fossil Fuel Companies to Pay $75 Billion for Damage

Dec 26, 2024, 06:35 PM

New York Governor Kathy Hochul has signed the Climate Change Superfund Act into law, mandating fossil fuel companies most responsible for climate change to contribute $75 billion to address damages caused by climate change. Under the new legislation, major fossil fuel firms will be required to pay $3 billion annually over the next 25 years. The funds will be allocated toward repairing infrastructure damage from extreme weather events linked to climate change and protecting communities from climate impacts. The law also opens the door to litigation against energy giants. New York becomes the second state to require fossil fuel companies to pay for climate damage, signaling increased accountability for fossil fuel producers. The act has been lauded by climate activists and officials, including State Senator Liz Krueger, who championed the bill.