New York Passes Law Making Fossil Fuel Companies Pay $75 Billion for 'Climate Superfund'
Published on December 29, 2024 at 12:04AM
Thursday New York's governor signed new legislation "to hold polluters responsible for the damage done to our environment" by establishing a Climate Superfund that's paid for by big fossil-fuel companies. The money will be used for "climate change adaptation," according to New York state senator Liz Krueger, who notes that the legislation follows "the polluter-pays model" used in America's already-existing federal and state superfund laws. Spread out over 25 years, the legislation collects an average of $3 billion each year — or $75 billion — "from the parties most responsible for causing the climate crisis — big oil and gas companies." "The Climate Change Superfund Act is now law, and New York has fired a shot that will be heard round the world: the companies most responsible for the climate crisis will be held accountable," said Senator Krueger. "Too often over the last decade, courts have dismissed lawsuits against the oil and gas industry by saying that the issue of climate culpability should be decided by legislatures. Well, the Legislature of the State of New York — the 10th largest economy in the world — has accepted the invitation, and I hope we have made ourselves very clear: the planet's largest climate polluters bear a unique responsibility for creating the climate crisis, and they must pay their fair share to help regular New Yorkers deal with the consequences. "And there's no question that those consequences are here, and they are serious," Krueger continued. "Repairing from and preparing for extreme weather caused by climate change will cost more than half a trillion dollars statewide by 2050. That's over $65,000 per household, and that's on top of the disruption, injury, and death that the climate crisis is causing in every corner of our state. The Climate Change Superfund Act is a critical piece of affordability legislation that will deliver billions of dollars every year to ease the burden on regular New Yorkers...." Starting in the 1970s, scientists working for Exxon made "remarkably accurate projections of just how much burning fossil fuels would warm the planet." Yet for years, "the oil giant publicly cast doubt on climate science, and cautioned against any drastic move away from burning fossil fuels, the main driver of climate change." "The oil giant Saudi Aramco of Saudi Arabia could be slapped with the largest annual assessment of any company — $640 million a year — for emitting 31,269 million tons of greenhouse gases from 2000 to 2020," notes the New York Post. And "The law will also standardize the number of emissions tied to the fuel produced by companies," reports the Times Union newspaper. "[F]or every 1 million pounds of coal, for example, the program assigns over 942 metric tons of carbon dioxide. For every 1 million barrels of crude oil, an entity is considered to have produced 432,180 metric tons of carbon dioxide." Among the infrastructure programs the superfund program aims to pay for: coastal wetlands restoration, energy efficient cooling systems in buildings, including schools and new housing developments, and stormwater drainage upgrades. New York is now the second U.S. state with a "climate Superfund" law, according to Bloomberg Law, with New York following the lead of Vermont. "Maryland, Massachusetts, and California are also considering climate Superfund laws to manage mounting infrastructure costs." The American Petroleum Institute, which represents about 600 members of the industry, condemned the law. "This type of legislation represents nothing more than a punitive new fee on American energy, and we are evaluating our options moving forward," an API spokesperson said in an emailed statement... The bills — modeled after the federal Comprehensive Environmental Response, Compensation, and Liability Act, known as Superfund — would almost certainly spur swift litigation from fossil fuel companies upon enactment, legal educators say.
Published on December 29, 2024 at 12:04AM
Thursday New York's governor signed new legislation "to hold polluters responsible for the damage done to our environment" by establishing a Climate Superfund that's paid for by big fossil-fuel companies. The money will be used for "climate change adaptation," according to New York state senator Liz Krueger, who notes that the legislation follows "the polluter-pays model" used in America's already-existing federal and state superfund laws. Spread out over 25 years, the legislation collects an average of $3 billion each year — or $75 billion — "from the parties most responsible for causing the climate crisis — big oil and gas companies." "The Climate Change Superfund Act is now law, and New York has fired a shot that will be heard round the world: the companies most responsible for the climate crisis will be held accountable," said Senator Krueger. "Too often over the last decade, courts have dismissed lawsuits against the oil and gas industry by saying that the issue of climate culpability should be decided by legislatures. Well, the Legislature of the State of New York — the 10th largest economy in the world — has accepted the invitation, and I hope we have made ourselves very clear: the planet's largest climate polluters bear a unique responsibility for creating the climate crisis, and they must pay their fair share to help regular New Yorkers deal with the consequences. "And there's no question that those consequences are here, and they are serious," Krueger continued. "Repairing from and preparing for extreme weather caused by climate change will cost more than half a trillion dollars statewide by 2050. That's over $65,000 per household, and that's on top of the disruption, injury, and death that the climate crisis is causing in every corner of our state. The Climate Change Superfund Act is a critical piece of affordability legislation that will deliver billions of dollars every year to ease the burden on regular New Yorkers...." Starting in the 1970s, scientists working for Exxon made "remarkably accurate projections of just how much burning fossil fuels would warm the planet." Yet for years, "the oil giant publicly cast doubt on climate science, and cautioned against any drastic move away from burning fossil fuels, the main driver of climate change." "The oil giant Saudi Aramco of Saudi Arabia could be slapped with the largest annual assessment of any company — $640 million a year — for emitting 31,269 million tons of greenhouse gases from 2000 to 2020," notes the New York Post. And "The law will also standardize the number of emissions tied to the fuel produced by companies," reports the Times Union newspaper. "[F]or every 1 million pounds of coal, for example, the program assigns over 942 metric tons of carbon dioxide. For every 1 million barrels of crude oil, an entity is considered to have produced 432,180 metric tons of carbon dioxide." Among the infrastructure programs the superfund program aims to pay for: coastal wetlands restoration, energy efficient cooling systems in buildings, including schools and new housing developments, and stormwater drainage upgrades. New York is now the second U.S. state with a "climate Superfund" law, according to Bloomberg Law, with New York following the lead of Vermont. "Maryland, Massachusetts, and California are also considering climate Superfund laws to manage mounting infrastructure costs." The American Petroleum Institute, which represents about 600 members of the industry, condemned the law. "This type of legislation represents nothing more than a punitive new fee on American energy, and we are evaluating our options moving forward," an API spokesperson said in an emailed statement... The bills — modeled after the federal Comprehensive Environmental Response, Compensation, and Liability Act, known as Superfund — would almost certainly spur swift litigation from fossil fuel companies upon enactment, legal educators say.
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