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Democrats in New York are aiming to hold fossil fuel companies accountable for damage purportedly caused by climate change.

The “landmark legislation” was signed by New York Governor Kathy Hochul “to bolster New York’s efforts to protect and restore the environment by requiring large fossil fuel companies to pay for critical projects that protect New Yorkers,” according to a press release from the governor’s office.

Fossil fuel companies will hand over a total of $75 billion in fines over the next 25 years to pay for the damages.

The companies “will be fined based on the amount of greenhouse gases they released into the atmosphere between 2000 and 2018, to be paid into a Climate Superfund beginning in 2028,” Reuters reported.  “It will apply to any company that the New York Department of Environmental Conservation determines is responsible for more than 1 billion tons of global greenhouse gas emissions.”

Critics slammed the measure sponsored by Democrat Senator Liz Krueger and Assembly Member Jeffrey Dinowitz, warning that higher energy prices will be coming to consumers.

“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. “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 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 Krueger.

“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,” she continued.

“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,” Krueger said.

Ken Pokalsky, vice president of the New York State Business Council, reacted, “What would you have them do? Not sell fuel in New York State.”

“This type of legislation represents nothing more than a punitive new fee on American energy, and we are evaluating our options moving forward,” a spokesperson for the American Petroleum Institute said in a statement.

Social media users also ripped the plan and the governor.

Frieda Powers
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