On Thursday, New York Gov. Kathy Hochul signed a landmark bill that will require fossil fuel companies to pay $75 billion in fines over the next 25 years.
This move aims to hold these companies accountable for their contribution to climate change and reduce the financial burden on taxpayers for climate change adaptation and recovery costs.
From 2028, the money collected from the fines will be allocated to a climate superfund dedicated to mitigating the effects of climate change.
This includes adapting essential infrastructure such as roads, transport systems, water and wastewater systems and buildings.
The fines are imposed on companies that released more than 1 billion tons of greenhouse gases between 2000 and 2018, according to the New York Department of Environmental Protection.
“The Climate Change Superfund Act is now law, and New York has fired a shot that will be heard around the world: holding the companies most responsible for the climate crisis accountable,” said New York Senator Liz Krueger.
The passage of the law comes amid reports that major oil companies have accumulated over $1 trillion in profits since January 2021.
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