Climate advocates in New York on Thursday celebrated a "massive win" for working people, youth, and the climate as Democratic Gov. Kathy Hochul made the state the second to pass a law to make fossil fuel giants financially responsible for the environmental damages they cause.
Hochul signed the Climate Change Superfund Act into law after years of advocacy, delivering what Blair Horner, executive director of the New York Public Interest Research Group (NYPIRG), called "a welcome holiday gift for New York taxpayers."
The law is modeled on the 1980 State and Federal Superfund law, which requires corporations to fund the cleanup of toxic waste that they cause, and will require the largest fossil fuel companies, which are responsible for a majority of carbon emissions since the beginning of this century, to pay about $3 billion per year for 25 years.
The law will "reinvest $75 billion into the communities most impacted by toxic air pollution, record-breaking storms, and dangerous heatwaves," said Theodore Moore, executive director of the Alliance for a Greater New York.
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