Today, in a watershed victory for New York’s grassroots climate movement, Governor Hochul signed the Climate Change Superfund Act.
New York is now the second state in the nation to require Big Oil companies to pay for climate impacts.
In response, Food & Water Watch New York Senior Strategist Eric Weltman issued the following statement:
“Big Oil is making a killing off climate disaster — but now, in New York they’ll be on the hook for their damages. New York State is on the leading edge of polluter pays legislation, redirecting corporate profits into public coffers, and investing in the climate resiliency efforts we need to survive worsening climate chaos. With the support of our powerful grassroots climate movement, New York will now finally hold Big Oil corporations financially accountable for the climate damages they knowingly wrought. As New York leads, so the nation must follow.”
The Climate Change Superfund Act will require the fossil fuel companies with the largest historical greenhouse gas emissions in New York to pay $3 billion annually into a 25-year state fund earmarked for climate resiliency efforts. Climate change driven extreme weather events cost the United States at least $150 billion each year. Experts project total costs of climate adaptation in New York to exceed $500 billion over the next 25 years.
In May, Vermont became the first state in the nation to pass a Climate Superfund Act. Similar legislation has also been introduced in Congress, California, Maryland, Massachusetts and New Jersey.
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