New York Governor Kathy Hochul (2023) | New York State Official Website
New York Governor Kathy Hochul (2023) | New York State Official Website
Albany has introduced a new financial mechanism aimed at addressing climate change impacts by imposing fines on fossil fuel companies for their historical greenhouse gas emissions. This initiative, known as the Climate Change Superfund, was signed into law by Governor Hochul shortly after Christmas.
The Department of Environmental Conservation is now authorized to levy substantial fines on companies involved in fossil fuel extraction and crude oil refining during a specified period. The collected funds will be allocated to a superfund intended for managing adverse weather events such as floods.
The legislation, Bill S2129A, was sponsored by five Senate Democrats: Liz Krueger, Joe Addabbo, Neil Breslin, Jabari Brisport, and Samra Brouk. It follows Vermont's similar law enacted last year. The bill targets firms that emitted over one billion metric tons of emissions from January 1, 2000, to December 31, 2018. However, major foreign producers like China National Petroleum Company and Rosneft are not included under this law.
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