By In a move to address the mounting financial “costs of climate change,” New York Governor Kathy Hochul has signed the Climate Change Superfund Act into law. This legislation requires fossil fuel companies to contribute a staggering $75 billion over the next 25 years to finance climate adaptation and mitigation projects across the state.
The Climate Change Superfund Act marks a significant policy shift by targeting oil, gas, and coal companies deemed responsible for large-scale greenhouse gas emissions, reports Reuters. The generated funds will supposedly support infrastructure upgrades, including roads, public transit systems, water treatment facilities, and climate-resilient buildings, enabling New York to better withstand the increasing frequency of extreme weather events.
State Senator Liz Krueger, a co-sponsor of the bill, described the law as a “turning point” in environmental accountability. She stated:
“New York has fired a shot that will be heard around the world: The companies most responsible for the climate crisis will be held accountable.”
Under the new law, fossil fuel companies responsible for emitting over 1 billion tons of greenhouse gases globally between 2000 and 2018 will be required to make payments into the Climate Superfund starting in 2028. The target is to collect $3 billion annually for the next 25 years.
New York isn’t alone in this initiative. Earlier this year, Vermont passed a similar law aimed at holding fossil fuel companies financially responsible for climate-related damages. Both states drew inspiration from existing federal and state Superfund laws, which mandate that polluters finance hazardous waste site cleanups. These legislative efforts signal a growing trend among U.S. states to shift financial accountability for environmental damage onto the corporations most responsible.
State estimates suggest that climate-related damage and adaptation efforts will cost New York over $500 billion by 2050. Senator Krueger emphasized the urgency of securing funds from those who have contributed most to the crisis. She also highlighted the profitability of fossil fuel companies, which have collectively earned over $1 trillion in profits since 2021, despite being aware for decades of the environmental consequences of their operations.
Governor Hochul remains steadfast in her plan to make the lives of New Yorkers worse:
“With nearly every record rainfall, heat wave, and coastal storm, New Yorkers are increasingly burdened with billions of dollars in health, safety, and environmental consequences due to polluters that have historically harmed our environment.”
The problem for Hochul is that her statements don’t match what the science actually says.
🚨 The IPCC reveals a surprising truth: climate change has minimal impact on many critical factors like floods, mean precipitation, and severe storms. Yet, alarmists continue to push the narrative of an impending crisis. It’s time to challenge the fearmongering and focus on the… pic.twitter.com/Cbtt9qjayI
— Dr. Matthew M. Wielicki (@MatthewWielicki) December 22, 2024
The energy industry and other opponents of the law are preparing for legal battles, arguing that the legislation may conflict with federal regulations governing emissions and energy markets. The lawsuit might also serve to reveal how “climate science” has become corrupted, writes Hot Air.
“Not only is New York State – and Vermont, with their similar May 2024 bill – going to have to directly tie the fossil fuel industry (that still drives some 81% of our power generations) to be the cause of “climate change,” they are also going to have to prove that the fossil fuel industry is responsible for extreme events caused by “climate change,” a charge the data doesn’t begin to support.
They are going to have to prove events are “more extreme” and what do they mean by that? If they really just mean “more expensive” because more people/structures/infrastructure are impacted than was there 20 years ago, how are the fossil fuel companies responsible for population growth and sprawl?
What if it’s all hooey?
Young people, I know it feels like extreme weather events are happening more frequently. The mainstream media and alarmists on social media flood you with catastrophic narratives and sensational videos, making it seem like the sky is falling. But take a look at the hard data:
No… pic.twitter.com/hIlrt98SUb
— Dr. Matthew M. Wielicki (@MatthewWielicki) July 14, 2024
Discovery is going to be fun.
Especially with the incoming Trump administration opening up the drawers in the EPA to see just how far under the covers they’ve been with helping drive the Science™ instead of the science. “
[Read More: National Archives Hid Hunter Evidence For Two Years]
