Governor Kathy Hochul on Thursday signed legislation to bolster New York’s efforts to protect and restore the environment by requiring large fossil fuel companies to pay for critical projects.
The new law creates a ‘Climate Superfund’ to support New York-based projects that bolster New York’s resiliency to dangerous climate impacts like flooding and extreme heat, according to a press release.
“With nearly every record rainfall, heatwave, and coastal storm, New Yorkers are increasingly burdened with billions of dollars in health, safety, and environmental consequences due to polluters that have historically harmed our environment,” Hochul said. “Establishing the Climate Superfund is the latest example of my administration taking action to hold polluters responsible for the damage done to our environment and requiring major investments in infrastructure and other projects critical to protecting our communities and economy.”
The legislation shifts the cost of climate adaptation from New Yorkers to the fossil fuel companies most responsible for the pollution, the press release said. It will ask companies to pay about $3 billion each year for the next 25 years.
"Too often over the last decade, courts have dismissed lawsuits against the oil and gas industry by saying that the issue of climate culpability should be decided by legislatures," said State Senator Liz Krueger. "I hope we have made ourselves very clear: the planet’s largest climate polluters bear a unique responsibility for creating the climate crisis, and they must pay their fair share to help regular New Yorkers deal with the consequences."
Repairing from and preparing for extreme weather caused by climate change will cost more than half a trillion dollars statewide by 2050, which equates to over $65,000 per household, according to Krueger.
Many environment advocates were thrilled, but some nonprofit leaders said additional investment to create green jobs should also be considered.
"The Climate Change Superfund Act is a huge win that will reinvest $75 billion into the communities most impacted by toxic air pollution, record-breaking storms, and dangerous heat waves," said Theodore A. Moore, the executive director of the nonprofit Alliance For A Greater New York. "But we can’t correct course on our rapidly worsening climate crisis one bill at a time. In 2025, we need massive investments and bold action from New York’s leaders to transform our state into an equitable renewable economy with green union jobs, affordable energy bills for working families, and resilient infrastructure for a healthy, sustainable future.”
