New York to charge fossil fuel companies for damage from climate change

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Kathy Hochul Notizia

Climate,U.S. News,Liz Krueger

Large fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed by Democratic Gov. Kathy Hochul.

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“The Climate Change Superfund Act is now law, and 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," said state Sen. Liz Krueger, a Democrat who sponsored the bill. “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,” Krueger said.The law won't start penalizing companies immediately. Instead, the state must come up with rules on how to identify responsible parties, notify companies of the fines and create a system to determine which infrastructure projects will be paid for by the fund.

“This type of legislation represents nothing more than a punitive new fee on American energy, and we are evaluating our options moving forward,” the American Petroleum Institute, the oil industry’s top lobbying group, said in a statement. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.Read full article: Save on gifts, travel essentials and more with these Insider DealsYou got everyone else a gift, now here’s one for you: 31% off Beats earbuds

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