Big fossil fuel companies will now be required to hand over punitive damages to help New York City combat the effects of “climate change” under a bill signed Thursday by Gov. Kathy Hochul (D).
The Associated Press reports that a state fund for infrastructure projects aimed at repairing or averting future damage from climate change has been established to benefit from the payments.
Lawmakers earlier this year approved a bill that would require major oil and gas companies to pay for repairs after extreme weather events that critics directly blame on fossil fuel companies and their products.
“The passage of the Climate Superfund Act and New York's firing will be felt around the world. The companies most responsible for the climate crisis will be held accountable,” said Democratic sponsors. said State Sen. Liz Krueger. invoice.
RELATED: ABC's Sunny Hostin links solar eclipses, earthquakes and cicadas to 'climate change'
“Earth's biggest climate polluters bear unique responsibility for causing the climate crisis, and they must pay their fair share to help ordinary New Yorkers deal with the consequences.”Kruger He further warned.
From 2000 to 2018, New York state became the first state in the nation to ban the use of natural gas and other fossil fuels in new buildings earlier this year, requiring them to transition to renewables and energy sources. The largest emitters of greenhouse gases will be subject to fines. There is a shortage of electricity because the state's power grid lacks capacity.
The Associated Press report notes that the new law does not immediately begin penalizing companies.
Instead, states will need to develop rules on how to establish a system to identify responsible parties, notify companies of fines, and determine which infrastructure projects will be paid for from the fund. Legal challenges are expected.
As Breitbart News reported, Vermont became the first state to introduce such a punitive tax on fossil fuel companies in May.
Vermont's law would create a Climate Superfund cost recovery program in the Natural Resources Agency that would collect money from businesses and allocate it to “climate change adaptive or resilient infrastructure projects within the state.”
