New York Enacts $75 Billion Climate Superfund Targeting Fossil Fuel Companies

The law requires major polluters to fund climate adaptation projects over 25 years, but faces legal challenges and criticism from industry groups.

Governor Kathy Hochul signed the Climate Change Superfund Act, mandating fossil fuel companies to pay $3 billion annually for climate-related damages in New York State.
The law aims to collect $75 billion over 25 years to fund infrastructure projects like stormwater upgrades, wetlands restoration, and extreme weather response improvements.
Supporters argue the legislation holds major polluters accountable for their role in climate change, easing the financial burden on taxpayers and funding community resilience efforts.
Critics, including business groups and energy companies, warn the law could lead to higher consumer costs and anticipate significant legal challenges to its implementation.
The law follows a similar measure in Vermont and reflects growing state-level efforts to address climate change through corporate accountability frameworks.