New York Governor Kathy Hochul has signed a landmark $75 billion climate change bill targeting fossil fuel companies, holding them financially accountable for the damage their emissions have inflicted on the environment. Dubbed the Climate Change Superfund Act, this legislation represents a monumental shift in climate accountability, transferring the financial burden of climate mitigation and adaptation from taxpayers to polluters.
“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 declared. “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.”
The bill was championed by Democratic Senator Liz Krueger and Assembly Member Jeffrey Dinowitz, who framed it as a decisive measure to confront the climate crisis and distribute responsibility fairly.
“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,” Senator Krueger proclaimed. “Too often over the last decade, courts have dismissed lawsuits against the oil and gas industry by saying that the issue of climate culpability should be decided by legislatures. Well, the Legislature of the State of New York – the 10th largest economy in the world – has accepted the invitation, and I hope we have made ourselves very clear: the planet’s largest climate polluters bear a unique responsibility for creating the climate crisis, and they must pay their fair share to help regular New Yorkers deal with the consequences.”
Krueger emphasized the dire consequences of inaction. “Repairing from and preparing for extreme weather caused by climate change will cost more than half a trillion dollars statewide by 2050. That’s over $65,000 per household, and that’s on top of the disruption, injury, and death that the climate crisis is causing in every corner of our state. The Climate Change Superfund Act is a critical piece of affordability legislation that will deliver billions of dollars every year to ease the burden on regular New Yorkers.”
Under the new law, fossil fuel companies will be fined based on the amount of greenhouse gases they emitted between 2000 and 2018. Companies found responsible for over one billion tons of global greenhouse gas emissions will be required to contribute to the Climate Superfund starting in 2028. The funds will be allocated toward mitigating climate change impacts and adapting infrastructure such as roads, transit, water and sewage systems, and buildings.
Reuters highlighted that the legislation will shift recovery and adaptation costs from individual taxpayers to the oil, gas, and coal companies deemed liable. “The money raised will be spent on mitigating the impacts of climate change, including adapting roads, transit, water and sewage systems, buildings, and other infrastructure,” the report stated.
This law positions New York as a pioneer in holding major polluters accountable. It follows Vermont’s similar law enacted earlier this year, both modeled after existing state and federal superfund laws that mandate polluters pay to clean up toxic waste. New York, the nation’s fourth most populous state, sets a powerful precedent with its ambitious climate accountability measures.
Critics of the legislation, including industry representatives, argue that such measures unfairly penalize companies that provide essential energy resources. However, supporters contend that the overwhelming evidence linking fossil fuel emissions to climate change necessitates bold action.
Governor Hochul’s Climate Superfund Act underscores New York’s commitment to addressing the escalating climate crisis. By forcing fossil fuel companies to bear the costs of their emissions, the state aims to accelerate investments in sustainable infrastructure and reduce the economic and human toll of climate change. Whether this law will prompt similar initiatives nationwide remains to be seen, but it undeniably sets a high bar for environmental accountability in the U.S.
As the impacts of climate change intensify, from devastating floods to record-breaking heatwaves, this legislation is poised to serve as a template for other states and nations grappling with the financial and environmental consequences of a warming planet. Hochul’s decisive action signals that New York is prepared to lead the charge in the fight against climate change—one billion-dollar fine at a time.