New York takes groundbreaking step to hold fossil fuel companies financially responsible for climate change impacts. (AP File)
- The law requires major greenhouse gas emitters to contribute to a fund for climate-related infrastructure repairs.
- State officials must establish rules for identifying responsible companies and determining project funding allocation.
- Industry representatives view the legislation as punitive, with legal challenges expected to follow implementation.
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ALBANY, N.Y. — Large fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed Thursday by Gov. Kathy Hochul.
New Law Creates Climate Change Fund
The new law requires companies responsible for substantial greenhouse gas emissions to pay into a state fund for infrastructure projects meant to repair or avoid future damage from climate change.
Lawmakers approved the bill earlier this year to force big oil and gas companies to contribute to the cost of repairs after extreme weather events and resiliency projects such as coastal wetland restoration and upgrades to roads, bridges and water drainage systems.
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Lawmakers Push for Corporate Accountability
“The Climate Change Superfund Act is now law, and New York has fired a shot that will be heard round the world: the companies most responsible for the climate crisis will be held accountable,” said state Sen. Liz Krueger, a Democrat who sponsored the bill.
“The planet’s largest climate polluters bear a unique responsibility for creating the climate crisis, and they must pay their fair share to help regular New Yorkers deal with the consequences,” Krueger said.
The biggest emitters of greenhouse gases between 2000 and 2018 would be subjected to the fines.
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Implementation and Industry Response
The law won’t start penalizing companies immediately. Instead, the state must come up with rules on how to identify responsible parties, notify companies of the fines and create a system to determine which infrastructure projects will be paid for by the fund. Legal challenges are expected.
“This type of legislation represents nothing more than a punitive new fee on American energy, and we are evaluating our options moving forward,” the American Petroleum Institute, the oil industry’s top lobbying group, said in a statement.
New York’s governor signed the measure months after Vermont put a similar law in place.
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