New York Construction News staff writer
New York Gov. Kathy Hochul has signed legislation that will allow the state to charge fossil fuel companies billions for climate change damage.
With the Climate Change Superfund Act across the finish line, New York is now the second state with a “climate Superfund” law. The legislature passed the bill in June and Hochul signed it Thursday.
The law orders the state’s top polluters to pay an estimated $75 billion over 25 years to help New York’s infrastructure withstand flooding and other climate-related events. Bill sponsors say hundreds of billions will be needed for climate remediation through 2050.
“For too long New Yorkers have borne the costs of the climate crisis, which is impacting every part of this state,” Hochul said in a statement. “With the money from this climate change adaptation fund, we will be able to pay for critical climate adaptation and resiliency projects across the state.”
Legislation S.2129-B/A.3351-B creates a ‘Climate Superfund’ to support New York-based projects that bolster New York’s resiliency to dangerous climate impacts like flooding and extreme heat.
“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 law aims to ensure companies contribute to funding of critical infrastructure investments, such as coastal protection and flood mitigation systems, to enhance the climate resilience of communities across the state.
“By ensuring those responsible for historic climate-altering emissions bear the costs of the significant health, environmental, and economic impacts already being passed on to New Yorkers, this law will complement the state’s efforts to reduce greenhouse gas emissions, help communities adapt to the climate-driven impacts experienced today, and leverage the significant investments the Governor is making in climate resilience.”
