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Zorro

(16,479 posts)
Thu Dec 26, 2024, 07:01 PM 19 hrs ago

New York to fine fossil fuel companies $75 billion under new climate law

New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday.

The law is intended to shift some of the recovery and adaptation costs of climate change from individual taxpayers to oil, gas and coal companies that the law says are liable. The money raised will be spent on mitigating the impacts of climate change, including adapting roads, transit, water and sewage systems, buildings and other infrastructure.

"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," New York Senator Liz Krueger, a Democrat who co-sponsored the bill, said in a statement.

Fossil fuel 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. 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.

https://finance.yahoo.com/news/york-fine-fossil-fuel-companies-200119198.html

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New York to fine fossil fuel companies $75 billion under new climate law (Original Post) Zorro 19 hrs ago OP
How many nanoseconds until the fascist SCOTUS shoots this down? Orrex 19 hrs ago #1
Let's hope this is only the start... Think. Again. 18 hrs ago #2
Why drag it on for 25 years? Faux pas 17 hrs ago #3
This will be shot down by the courts instantly. Doesn't matter which judge. Angleae 16 hrs ago #4

Think. Again.

(19,120 posts)
2. Let's hope this is only the start...
Thu Dec 26, 2024, 08:01 PM
18 hrs ago

...because for the next 4 crucial years, our federal government will NOT be workng toward reducing the deadly hold that the fossol fuel industry has over us.

Angleae

(4,658 posts)
4. This will be shot down by the courts instantly. Doesn't matter which judge.
Thu Dec 26, 2024, 09:54 PM
16 hrs ago

You can't make a law saying what you did 20 years ago is illegal. It's call ex post facto and is prohibited by the constitution.

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