What’s New
New York Governor Kathy Hochul, a Democrat, signed legislation this week that requires major fossil fuel companies to contribute fees to support New York’s climate change mitigation efforts.
Under the new law, companies with significant greenhouse gas emissions will be required to contribute to a state fund dedicated to infrastructure projects aimed at mitigating future climate change damage and repairing existing impacts.
Why It Matters
The legislation, approved earlier this year, compels major oil and gas companies to help cover the costs of recovery after extreme weather events. The funds will also support resilience projects, including coastal wetland restoration and upgrades to critical infrastructure like roads, bridges and water drainage systems.
What To Know
“This landmark legislation shifts the cost of climate adaptation from everyday New Yorkers to the fossil fuel companies most responsible for the pollution. By creating a Climate Change Adaptation Cost Recovery Program, this law ensures that these companies contribute to the funding of critical infrastructure investments, such as coastal protection and flood mitigation systems, to enhance the climate resilience of communities across the state,” Hochul’s office said in a statement.
The law targets the largest greenhouse gas emitters from 2000 to 2018, requiring them to pay fines under the new regulations.
Hochul’s approval of the measure comes just months after Vermont enacted a similar law.
What People Are Saying
American Petroleum Institute, a top lobbying group in the oil industry, said in a statement: “This type of legislation represents nothing more than a punitive new fee on American energy, and we are evaluating our options moving forward.”
Hochul said in a statement: “Establishing the Climate Superfund is the latest example of my administration taking action to hold polluters responsible for the damage done to our environment and requiring major investments in infrastructure and other projects critical to protecting our communities and economy.”
New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said in a statement: “Holding polluters accountable for the damages they cause is essential to New York’s environmental protection efforts, and I commend Governor Hochul for signing this historic climate legislation into law.”
“By ensuring those responsible for historic climate-altering emissions bear the costs of the significant health, environmental, and economic impacts already being passed on to New Yorkers, this law will complement the State’s efforts to reduce greenhouse gas emissions, help communities adapt to the climate-driven impacts experienced today, and leverage the significant investments the Governor is making in climate resilience,” Mahar added.
What’s Next
The law will not impose immediate penalties on companies. Instead, the state must first establish regulations to identify liable parties, notify them of the fines and develop a system for allocating funds to infrastructure projects.
Legal challenges to the legislation are anticipated.
This article includes reporting from The Associated Press.
The post NY Governor Signs Law That Charges Companies for Greenhouse Gas Emissions appeared first on Newsweek.
