On Thursday, New York Governor Kathy Hochul signed a bill authorizing fossil fuel companies to pay $75 billion in fines over the next 25 years.
The initiative aims to hold these companies accountable for their contribution to climate change and ease the financial burden on taxpayers for climate adaptation and restoration costs.
Funds collected from the fines will be allocated to the Climate Superfund starting in 2028, which is dedicated to mitigating the effects of climate change.
This includes repairing critical infrastructure such as roads, transportation systems, water and sanitation, and buildings.
Penalties will be imposed on companies that emitted 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 biggest climate change companies will be held accountable,” said New York Senator Liz Krueger.
The passage of the bill comes amid reports by major oil companies that they have amassed more than $1 trillion in revenue as of January 2021.
This article is powered by AI and updated by an editor. For more information see our T&C.