On Thursday, New York Governor Kathy Hochul signed a groundbreaking bill requiring fossil fuel companies to pay $75 billion in fines over the next 25 years.
This step aims to hold these companies accountable for their contribution to climate change and reduce the financial burden on taxpayers to cover the costs of climate adaptation and recovery.
Money collected from the fines will be allocated to the Climate Super Fund starting in 2028, dedicated to mitigating the effects of climate change.
This includes adapting basic infrastructure such as roads, transportation systems, water and sanitation systems, and buildings.
Fines will be imposed on companies that released more than 1 billion tons of greenhouse gases between 2000 and 2018, as determined by the New York Department of Environmental Conservation.
“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 bill's passage comes amid reports that major oil companies have made profits of more than $1 trillion since January 2021.
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