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New York Governor Kathy Hochul has signed a bill into law that will hold fossil fuel companies accountable for the environmental damage they have caused. Over the next 25 years, these companies will be fined a total of $75 billion to address the impacts on the climate. This landmark legislation aims to ensure that the fossil fuel industry takes responsibility for its role in contributing to climate change.
The intention of the law is to transfer a portion of the costs associated with climate change recovery and adaptation from individual taxpayers to oil, gas, and coal companies, which are deemed responsible. The funds generated from this effort will be allocated towards mitigating the effects of climate change, specifically in terms of making necessary adjustments to roads, transit systems, water and sewage infrastructure, buildings, and other vital structures.
“The impact of New York’s action will reverberate globally: The companies primarily responsible for the climate crisis will now face the consequences,” stated New York Senator Liz Krueger, a Democrat and co-sponsor of the bill.
Fossil fuel companies will face penalties for their greenhouse gas emissions from 2000 to 2018, which will be allocated to a Climate Superfund starting in 2028. The New York Department of Environmental Conservation will target companies responsible for over 1 billion tons of global greenhouse gas emissions.
New York has joined Vermont as the second state to pass a law that follows in the footsteps of existing state and federal superfund laws. These laws mandate that polluters must bear the financial responsibility for the cleanup of toxic waste.
According to Krueger, the cost of repairing damage and adapting to extreme weather caused by climate change will exceed $500 billion by 2050. She pointed out that major oil companies have earned over $1 trillion in profits since January 2021, despite knowing since the 1970s that the extraction and burning of fossil fuels contribute to climate change.
Energy companies are expected to file legal challenges against the new law, asserting that it is precluded by federal regulations governing energy companies and polluters.
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