The new law requires companies deemed responsible for substantial greenhouse gas emissions to pay into a state fund for infrastructure projects meant to repair or avoid future damage to the climate.
“The Climate Change Superfund Act is now law, and New York has fired a shot that will be heard round the world: the companies most responsible for the climate crisis will be held accountable," said state Sen. Liz Krueger, a Democrat who sponsored the bill.
The American Petroleum Institute, the oil industry’s top lobbying group, 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,”
The law won't start penalizing companies immediately. Instead, the state must come up with rules on how to identify responsible parties, notify companies of the fines and create a system to determine which infrastructure projects will be paid for by the fund. Legal challenges are expected.
