Note that if you purchase something via one of our links, including Amazon, we may earn a small commission.
On Thursday, Dec. 26, Governor Kathy Hochul signed a bill into law that will compel fossil fuel companies to pay fees that will be used to finance state climate resilience projects. The measure aims to collect $3 billion annually as a “Climate Superfund” — a pool of funds to remedy or mitigate climate change impacts. New York is the second state after Vermont to create such a law. However, legal pushback against the fees is anticipated.
Per the governor's office, “This landmark legislation shifts the cost of climate adaptation from everyday New Yorkers to the fossil fuel companies most responsible for the pollution.”
