Under a bill signed Thursday by Gov. Kathy Hochul, major fossil fuel companies would have to pay a fee to help New York City combat the effects of climate change.
The new law requires companies responsible for large amounts of greenhouse gas emissions to pay into a national fund for infrastructure projects aimed at repairing or averting future damage from climate change.
Lawmakers earlier this year approved a bill that would require major oil and gas companies to pay for repairs after extreme weather events and resiliency projects such as coastal wetland restoration and road, bridge and drainage system upgrades.
“The passage of the Climate Superfund Act and New York’s firing will be felt around the world. The companies most responsible for the climate crisis will be held accountable,” said Democratic sponsors. said State Sen. Liz Krueger. invoice.
“Earth’s biggest climate polluters are uniquely responsible for causing the climate crisis, and they must pay their fair share so ordinary New Yorkers can deal with the consequences,” Krueger said.
The largest emitters of greenhouse gases from 2000 to 2018 will be subject to fines.
The law does not immediately begin imposing penalties on companies. Instead, states will need to develop rules on how to establish a system to identify responsible parties, notify companies of fines, and determine which infrastructure projects will be paid for from the fund. Legal challenges are expected.
The American Petroleum Institute, the oil industry’s top lobbying group, said in a statement: “This type of bill is nothing more than punitive new fees on American energy. We are evaluating our options going forward.”
New York’s governor signed the bill months after Vermont enacted a similar law.
