On Thursday, New York Governor Kathy Hochul signed a groundbreaking bill that mandates fossil fuel companies to pay $75 billion in fines over the next 25 years.
This move aims to hold these companies accountable for their contribution to climate change and to alleviate the financial burden on taxpayers for climate adaptation and recovery costs.
The funds collected from the fines will be allocated to a Climate Superfund starting in 2028, dedicated to mitigating the effects of climate change.
This includes adapting essential infrastructure such as roads, transit systems, water and sewage systems, and buildings.
The fines will be imposed on companies that have released more than 1 billion tons of greenhouse gases between 2000 and 2018, as determined by the New York Department of Environmental Conservation.
“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 New York Senator Liz Krueger.
The passage of the bill comes amidst reports of major oil companies accumulating over $1 trillion in profits since January 2021.
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