New York to Charge Biggest Emitters for Climate Damages Under New Law [Video]

New York Governor Kathy Hochul has signed the Climate Change Superfund Act, which requires major emitters, such as fossil fuel companies, to compensate for damages by helping to fund climate-resilient infrastructure projects.

“By signing the Climate Change Superfund Act, Gov. Hochul is addressing the financial burden placed on New Yorkers by the fossil fuel companies,” Richard Schrader, director of New York Government Affairs at Natural Resources Defense Council (NRDC), said in a statement. “It’s a key example of what putting fiscal fairness and environmental justice front and center looks like. The funds raised by this measure will allow for investment in life-saving infrastructure improvements: safeguarding coastal communities from flooding, creating systems to protect people from extreme heat, and improving responses to environmental and public health threats.”

As ABC News reported, the law will require companies with the highest greenhouse emissions from 2000 to 2018 to pay fines, with that money going to extreme weather event repairs and infrastructure upgrades.

According to Environmental Advocates …