New York State has recently implemented a groundbreaking legislation that will hold fossil fuel companies accountable by imposing hefty fines totaling $75 billion within the next quarter-century.
The governor, Kathy Hochul, has signed a bill into law that is designed to make oil, gas, and coal companies responsible for the climate damage they cause. The main objective of this law is to transfer the financial responsibility of climate change from individual taxpayers to the companies that are found to be liable.
Fossil fuel companies will face fines for the amount of greenhouse gases they emitted from 2000 to 2018. These fines will go towards a Climate Superfund, which will be established in 2028. The funds will be used to address the effects of climate change, including the improvement of infrastructure such as roads, transit, water and sewage systems, and buildings.
New York’s action has been praised by Democrat Senator Liz Krueger as a significant stride towards ensuring that the companies most responsible for the climate crisis are held accountable. This progress also positions New York as the second state, following Vermont, to enact such legislation.
Energy companies are likely to contest the new law in court, asserting that it is preempted by federal regulations that govern both energy companies and polluters.
According to Krueger, the anticipated costs of repairing damage and adapting to extreme weather caused by climate change are expected to surpass $500 billion by 2050. It is worth mentioning that major oil companies have generated profits exceeding $1 trillion since January 2021, and they have been well aware of the connection between the extraction and combustion of fossil fuels and climate change since at least the 1970s.
