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Will NY receive first $3 billion payment from fossil fuel companies by end of 2025?
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Official reports or statements from New York State government
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New York Governor Kathy Hochul Signs Climate Change Superfund Act Requiring Fossil Fuel Companies to Pay $3 Billion Annually for 25 Years
Dec 26, 2024, 06:24 PM
New York Governor Kathy Hochul has enacted the Climate Change Superfund Act, which mandates that major fossil fuel companies contribute $3 billion annually for the next 25 years, totaling $75 billion. This legislation aims to hold these companies accountable for the damages caused by climate change and extreme weather events. New York joins a growing movement to ensure that polluters bear the financial responsibility for climate-related damages. The law has been praised by various lawmakers and advocates, who view it as a significant step towards climate justice and accountability. The funds generated will be allocated to address infrastructure damage linked to climate change, marking a notable shift in policy towards corporate responsibility in environmental issues.
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