Governor Kathy Hochul signed landmark legislation creating a Climate Superfund, marking a significant step in holding fossil fuel companies financially accountable for environmental damage in New York. The law mandates major fossil fuel corporations to fund critical infrastructure projects aimed at mitigating climate impacts, such as flooding and extreme heat, across the state.
“With nearly every record rainfall, heatwave, and coastal storm, New Yorkers are increasingly burdened with billions of dollars in health, safety, and environmental consequences due to polluters that have historically harmed our environment,” Hochul said. “This legislation ensures that those responsible for the damage will contribute to protecting our communities and economy.”
The Climate Change Adaptation Cost Recovery Program, established under the new law, requires fossil fuel companies to finance infrastructure investments, including coastal protection systems and flood mitigation projects. This measure is expected to alleviate financial pressures on taxpayers while accelerating New York’s climate resiliency initiatives.
State Senator Liz Krueger, who sponsored the bill, emphasized its global significance. “The Climate Change Superfund Act sends a clear message: the world’s largest polluters must pay their fair share to address the consequences of the climate crisis,” she said. Krueger estimated statewide climate repair and prevention costs to exceed $500 billion by 2050, roughly $65,000 per household.
Assemblymember Jeffrey Dinowitz hailed the legislation as a “groundbreaking victory” for environmental justice. “This law ensures the fossil fuel industry contributes to the staggering costs of climate adaptation instead of passing the burden onto taxpayers,” he said.
The bill’s passage also aligns with New York’s ongoing ban on hydraulic fracturing, with Governor Hochul expanding the prohibition to include the use of carbon dioxide in gas extraction. Environmental advocates had raised concerns about the corrosive nature of supercritical CO2 and its potential environmental hazards.
Sean Mahar, Interim Commissioner of the State Department of Environmental Conservation, praised the dual legislation as essential for safeguarding New York’s future. “By holding polluters accountable and preventing harmful extraction practices, we’re creating a safer, more resilient environment for all New Yorkers,” Mahar said.
Environmental groups, including the Sierra Club and NYPIRG, celebrated the measures as a model for corporate accountability. Blair Horner, NYPIRG’s Executive Director, highlighted the estimated $3 billion in annual savings for taxpayers under the new law. “This is a win for taxpayers, families, and communities across New York,” he said.
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