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New York Governor Kathy Hochul Signs $75 Billion Climate Change Superfund Act, Mandating Fossil Fuel Companies to Pay $3 Billion Annually for 25 Years

Dec 26, 2024, 09:28 PM

New York Governor Kathy Hochul has signed the Climate Change Superfund Act into law, which mandates that fossil fuel companies pay a total of $75 billion over the next 25 years. This legislation requires these companies to contribute $3 billion annually to address damages caused by extreme weather events linked to climate change. New York is now the second state to implement such a measure, joining a broader effort to hold major polluters accountable for their contributions to climate-related disasters. The funds raised will be allocated to repair infrastructure and mitigate the impacts of climate change. The law has been hailed by activists as a significant step towards climate justice, although some critics express concerns about potential costs being passed on to consumers. The law's approval may also face challenges from industry groups that could seek to block its implementation.