Environmental advocates and state legislators are cheering word today that New York Governor Kathy Hochul has signed a law establishing a Climate Change Adaptation Cost Recovery Program.
Known as the Climate Superfund law, it will make New York just the second state to hold fossil fuel companies responsible for climate impacts.
The law signed by the Democrat is intended to raise $75 billion over 25 years from oil and gas companies blamed for contributing to climate impacts like flooding and severe heat.
In signing the bill, Hochul said lawmakers agreed to several changes “to address implementation and operational concerns,” including giving the state Department of Environmental Conservation additional time to create the program.