New York to Charge Biggest PollutersÂ
for Climate Damages UnderÂ
The Climate Change Superfund Act
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On December 26th 2024, New York Governor Kathy Hochul signed into law the Climate Change Superfund Act, legislation requiring big oil and gas companies to contribute $75 billion over twenty-five years to repair from and prepare for climate change-related damages.
New York is the second state in the country to enact this kind of law, with Vermont as the first.
The funds raised by this measure will allow for the following life-saving infrastructure investments:
- Safeguarding coastal communities from extreme flooding
- The creation of systems protecting people from extreme heat
- Improving responses to growing public health and environmental threats
“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 New York Sen. Liz Krueger in a press release on The New York State Senate's website.Â
“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.”
"And there’s no question that those consequences are here, and they are serious. 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."
