7 sources·Politics

New York Introduces Climate Superfund Law for Fossil Fuel Companies

New York imposes fees on fossil fuel companies for climate-related damages, creating a Climate Superfund to aid infrastructure adaptations and repairs.

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Updated: Dec 26th, 2024, 10:22 PM ET

Summary

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New York has enacted a Climate Superfund law requiring major fossil fuel companies to contribute $3 billion annually for 25 years to fund climate resilience and infrastructure repair projects. This legislation holds significant greenhouse gas emitters accountable for climate-related damages. Governor Hochul emphasized shifting the financial burden from residents to polluters, while critics argue the law could lead to higher energy costs and potential legal challenges from the petroleum industry.

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