New York becomes the second state to hold fossil fuel companies responsible for environmental damages caused by their emissions with the signing of the Climate Change Superfund Act.
Climate advocates in New York celebrated a 'massive win' as Democratic Gov. Kathy Hochul signed the Climate Change Superfund Act into law, making New York the second state to hold fossil fuel companies financially responsible for environmental damages. The law, modeled after the 1980 State and Federal Superfund law, will require the largest fossil fuel companies to pay about $3 billion per year for 25 years.
This money, which would otherwise come from taxpayers, will be used for climate resilience projects like wetland restoration, infrastructure upgrades, and disaster recovery. New York state Sen. Liz Krueger (D-28), who sponsored the legislation, said repairs from extreme weather disasters and climate adaptation are projected to cost half a trillion dollars in New York by 2050. NYPIRG emphasized that the costs will not fall back on consumers. New York is the second state to pass such a law, following Vermont. Similar legislation has been proposed in other states
Climate Change Fossil Fuels New York Superfund Environmental Responsibility Climate Legislation
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