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New York Governor Kathy Hochul Signs Climate Change Superfund Act, Requiring $75 Billion from Fossil Fuel Companies

Dec 27, 2024, 12:28 AM

New York Governor Kathy Hochul has signed the Climate Change Superfund Act into law, requiring fossil fuel companies to pay an estimated $75 billion over the next 25 years to address climate change damage. The legislation, which follows a similar law in Vermont, aims to hold major polluters accountable for the costs of climate-related infrastructure projects. The funds collected will be used for initiatives to mitigate the impacts of climate change, such as improvements in transportation, water and sewage systems, buildings, and other infrastructure. The law targets companies responsible for over 1 billion tons of greenhouse gas emissions from 2000 to 2018, with payments starting in 2028. State Senator Liz Krueger, a co-sponsor of the bill, stated that New York is the second state after Vermont to implement such a law. Critics, including the American Petroleum Institute, have expressed opposition, suggesting potential legal challenges ahead.