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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNew 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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Orrex
(64,330 posts)Think. Again.
(19,120 posts)...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.
Faux pas
(15,427 posts)They all could a write checks right now.
Angleae
(4,658 posts)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.