New York's Groundbreaking Climate Change Superfund Act Targets Big Polluters

New York has enacted the Climate Change Superfund Act, requiring fossil fuel companies with significant greenhouse gas emissions to pay fees. The funds will support infrastructure projects aimed at countering climate change. Legal challenges are anticipated as New York prepares to implement the law.

In an aggressive move to combat climate change, New York Governor Kathy Hochul has signed the Climate Change Superfund Act into law, targeting large fossil fuel companies. This legislation mandates the biggest greenhouse gas emitters to finance a state fund for critical infrastructure projects aimed at repairing and preventing future climate damage.

The law, supported by Democratic state Senator Liz Krueger, demands accountability from leading polluters. The bill ensures that major oil and gas producers contribute to costs associated with repairing damages from severe weather and investing in resilience projects like coastal wetland restoration and infrastructure improvements.

While the law's penalties won't take effect immediately, there is a strategic plan to identify responsible emitters and manage the fund allocation. The American Petroleum Institute and other stakeholders are assessing their options amid expected legal scrutiny. New York follows Vermont in enacting such bold climate legislation.

(With inputs from agencies.)