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Linked In:
New York State Governor Kathy Hochul signed a law yesterday that requires big fossil fuel polluters to pay $75bn in the next 25 years for climate adaptation. The “Climate Change Superfund Act” focuses on those oil and gas companies that produced more than 1 billion tonnes of GHG globally over the last 24 years.
This new law is, as State Senator Liz Krueger, said: “a shot that will be heard around the world.”
The new law is modelled on the polluter-pays principle and it is trying to ease the burden that the consequences of climate change create for the taxpayer. By 2050, New York estimates that adaptation measures and damages will cost the State more than half a trillion USD ($65,000 per household). The money raised will go into a fund to e.g. improve storm water drainage structures.
Of course, this law will be challenged in the courts – most likely around the question whether an individual US state can issue such legislation at all, or whether this reflects national climate policy. But, the direction of legislation is clear: Vermont passed a similar law earlier in 2024 and other US states (e.g., New Jersey) also have legislation in the pipeline.
This is an important step to hold those companies most responsible for the climate crisis accountable for their past actions.
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Full legal text: https://lnkd.in/ddapFgnm
New York Times reporting: https://lnkd.in/dT3vD7-4