New York aims to make fossil fuel companies pay $75 billion for pollution

[LAUREN TAYLOR]

A NEW LAW IN NEW YORK AIMS TO MAKE FOSSIL FUEL COMPANIES PAY UP FOR POLLUTION.

 STATE LAWMAKERS, INCLUDING GOVERNOR KATHY HOCHUL SAY THESE GAS AND COAL COMPANIES ARE ON THE HOOK FOR PROJECTS TO REDUCE THE EFFECTS OF CLIMATE CHANGE. 

HOCHUL SIGNED THE BILL INTO LAW THURSDAY, UNDER WHICH THE COMPANIES WILL BE FINED 75 BILLION DOLLARS OVER 25 YEARS FOR DAMAGE CAUSED TO THE CLIMATE.

THE MONEY WILL GO INTO A FUND TO PAY FOR INFRASTRUCTURE PROJECTS RELATED TO MITIGATING THE EFFECTS OF CLIMATE CHANGE OR A SO-CALLED “CLIMATE SUPERFUND” STARTING IN 2028.

DEMOCRATIC LAWMAKERS ARE PRAISING THE LEGISLATION.

SAYING, “THE COMPANIES MOST RESPONSIBLE FOR THE CLIMATE CRISIS WILL BE HELD ACCOUNTABLE.”

FOSSIL FUEL COMPANIES WILL BE CHARGED BASED ON THE AMOUNT OF GREENHOUSE GASES THEY RELEASED INTO THE ATMOSPHERE BETWEEN 2000 AND 2018.

IT APPLIES TO ANY COMPANY THE NEW YORK DEPARTMENT OF ENVIRONMENTAL CONSERVATION DEEMS RESPONSIBLE FOR MORE THAN ONE BILLION TONS OF GLOBAL GREENHOUSE GAS EMISSIONS.

HOWEVER, THE LAW WON’T BEGIN FINING COMPANIES RIGHT AWAY.

FIRST, THE STATE MUST COME UP WITH RULES TO IDENTIFY THE BIGGEST POLLUTERS THEN NOTIFY THE COMPANIES OF THE PENALTIES AND DETERMINE THE INFRASTRUCTURE PROJECTS THE FUNDS WILL GO TOWARD.

OIL, COAL AND GAS COMPANIES ARE EXPECTED TO CHALLENGE THE LAW IN COURT.

THE AMERICAN PETROLEUM INSTITUTE, THE OIL INDUSTRY’S TOP LOBBYING GROUP, RESPONDED TO THE NEW LAW, SAYING:

“THIS TYPE OF LEGISLATION REPRESENTS NOTHING MORE THAN A PUNITIVE FEE ON AMERICAN ENERGY, AND WE ARE EVALUATING OUR OPTIONS MOVING FORWARD.”

NEW YORK IS NOW THE SECOND STATE TO PASS A LAW FINING FOSSIL FUEL COMPANIES. 

VERMONT BECAME THE FIRST OVER THE SUMMER.

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FOR STRAIGHT ARROW NEWS– I’M LAUREN TAYLOR.