Overview

• Governor Kathy Hochul signed the Climate Change Superfund Act, requiring fossil fuel companies to pay $75 billion over 25 years for their role in greenhouse gas emissions from 2000 to 2018.
• The funds will be used for climate adaptation projects, including stormwater drainage upgrades and other infrastructure improvements, with 35% of benefits directed to disadvantaged communities.
• Critics argue the law could lead to higher energy costs for New Yorkers as companies pass on the financial burden to consumers, exacerbating economic challenges in the state.
• Legal and constitutional concerns have been raised, including claims of retroactive penalties and potential violations of the Equal Protection Clause in allocating funds to specific communities.
• Supporters view the legislation as a bold step toward environmental justice, reducing taxpayers' climate costs, and holding polluters accountable, despite anticipated legal battles.