New York is poised to charge large fossil fuel companies a massive $75 billion over the next 25 years in an effort to curb the effects of climate change under a new law.
Gov. Kathy Hochul (D-NY) signed the controversial climate law Thursday, several months after the state legislature passed the bill in the spring.
The law looks to establish and support a state fund for infrastructure projects aimed at combating, repairing, or adapting to the effects of climate change — putting the onus on fossil fuel companies to supply the funds rather than the taxpayers.
Specifically, it calls on all companies “that have contributed significantly to the build of climate-warming greenhouse gases in the atmosphere to bear a share of the costs needed” for the state fund.
Read more in the Washington Examiner here.
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