New York state has enacted a landmark law to fine fossil fuel companies $75 billion over 25 years to address climate damage. Governor Kathy Hochul signed the bill on Thursday, aiming to shift climate recovery costs from taxpayers to oil, gas, and coal companies deemed responsible for greenhouse gas emissions.
Funds collected will be directed to a Climate Superfund starting in 2028. The money will help adapt infrastructure such as roads, transit systems, and water facilities to withstand climate impacts. Companies responsible for over 1 billion tons of greenhouse gas emissions between 2000 and 2018 will be fined based on their contribution.
“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 Senator Liz Krueger, a co-sponsor of the bill.
The legislation follows Vermont’s similar law passed earlier this year and draws inspiration from existing superfund laws requiring polluters to pay for toxic waste cleanup.
Krueger highlighted the urgency, noting that New York faces over $500 billion in climate-related costs by 2050. Meanwhile, oil companies, which have made over $1 trillion in profits since 2021, have long known their activities contribute to climate change.
Energy companies are expected to challenge the law, arguing it conflicts with federal regulations. However, supporters believe it sets a critical precedent for holding major polluters accountable.
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