Large fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed Thursday by Gov. Kathy Hochul.The new law requires companies responsible for substantial greenhouse gas emissions to pay into a state fund for infrastructure projects meant to repair or avoid future damage from climate change.
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 biggest emitters of greenhouse gases between 2000 and 2018 would be subjected to the fines.The law won't start penalizing companies immediately.
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