New York to Charge Oil Companies $75 Billion to Pay for Infrastructure to Cope with Climate Change
ESG Today
DECEMBER 30, 2024
New York State Governor Kathy Hochul announced the signing of the Climate Change Superfund Act, a new piece of legislation aimed at requiring fossil fuel companies to pay for a share, proportionate to their contribution to greenhouse gas emissions, of the investments in infrastructure needed to adapt to climate change. The text of the legislation estimates that the new act is anticipated to require fossil fuel companies to pay approximately $75 billion through 2050, or about $3 billion per year.
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