On Thursday, New York Gov. Kathy Hochul signed into law a groundbreaking bill ordering fossil fuel companies to pay $75 billion in fines over the next 25 years.
The goal of this move is to hold these companies accountable for their contribution to climate change and reduce the financial burden on taxpayers for climate adaptation and recovery costs.
Funds collected from the fines will be allocated to the Climate Superfund starting in 2028, intended to mitigate the effects of climate change.
This includes adapting basic infrastructure such as roads, transit systems, water and sewage systems, and buildings.
The penalties will be imposed on companies that emitted more than one billion tons of greenhouse gases between 2000 and 2018, as determined by the New York Department of Environmental Protection.
“The Climate Change Superfund Act is now law, and New York has fired a shot that will be heard around the world: the companies most responsible for the climate crisis will be held accountable,” said New York Senator Liz Krueger.
The legislation’s passage comes amid reports of major oil companies amassing more than a trillion dollars in profits since January 2021.
This article was generated with the help of AI and reviewed by an editor. See our T&C for more information.
