Reuters - New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday.
The
law is intended to shift some of the recovery and adaptation costs of
climate change from individual taxpayers to oil, gas and coal companies
that the law says are liable. The money raised will be spent on
mitigating the impacts of climate change, including adapting roads,
transit, water and sewage systems, buildings and other infrastructure.
"New
York has fired a shot that will be heard round the world: The companies
most responsible for the climate crisis will be held accountable," New
York Senator Liz Krueger, a Democrat who co-sponsored the bill, said in a
statement.
Fossil
fuel companies will be fined based on the amount of greenhouse gases
they released into the atmosphere between 2000 and 2018, to be paid into
a Climate Superfund beginning in 2028. It will apply to any company
that the New York Department of Environmental Conservation determines is
responsible for more than 1 billion tons of global greenhouse gas
emissions
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