A new law in New York will hold corporate polluters responsible for damage to the environment. The biggest producers of greenhouse gas emissions will pay about $75 billion over 25 years.
Gov. Kathy Hochul signed the Climate Change Superfund Act into law Thursday.
“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 in a statement, adding that the law will "...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.”
The fund will pay for storm mitigation efforts and the cost of rebuilding after weather disasters.
Supporters of the law celebrated the move as removing the financial burden of climate disasters from taxpayers, while detractors questioned the fairness of targeting big businesses and the fuel industry.
"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, [and] help communities adapt to the climate-driven impacts experienced today,” New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said.
New York is the second state after Vermont to pass its own version of the federal Superfund law.