Governor Hochul Signs Climate Change Superfund Act
New Law Holds Big Oil Companies Responsible for Environmental Damage
Governor Kathy Hochul has signed the Climate Change Superfund Act into law, making New York the second state in the nation to require fossil fuel companies to pay for infrastructure damage caused by climate change. The law requires big oil companies to pay $75 billion over 25 years to offset the damage caused by their activities.
How the Law Works
The law will hold oil companies accountable for their contribution to greenhouse gas emissions and other environmental damage. According to Blair Horner, executive director of the New York Public Interest Group, a regulatory process will need to be established to determine how much each oil company must pay. "It’s those who contributed more than one billion tons of greenhouse gases or more. And they pay on a sliding scale—so who’s in, who’s out, how much they pay still has to be figured out through a regulatory process run by the Department of Environmental Conservation," Horner explained.
A Step Towards Environmental Justice
The Climate Change Superfund Act is a significant step towards environmental justice, as it recognizes the impact of climate change on communities and holds companies accountable for their role in it. The law is designed to provide a fair and equitable solution to address the environmental damage caused by climate change.
What’s Next?
The next step is to establish a regulatory process to determine how much each oil company must pay. This process will involve the Department of Environmental Conservation and will take into account the amount of greenhouse gases emitted by each company.
Conclusion
The Climate Change Superfund Act is a landmark legislation that marks a significant step towards environmental justice. By holding big oil companies accountable for their role in climate change, the law aims to provide a fair and equitable solution to address the damage caused by their activities. As the state continues to work on implementing the regulatory process, it is essential to monitor the progress and ensure that the law is effective in achieving its goals.
Frequently Asked Questions
Q: How much will oil companies have to pay?
A: Oil companies will have to pay $75 billion over 25 years to offset the damage caused by their activities.
Q: How will the regulatory process work?
A: The Department of Environmental Conservation will establish a regulatory process to determine how much each oil company must pay, based on the amount of greenhouse gases emitted by each company.
Q: What is the goal of the Climate Change Superfund Act?
A: The goal of the law is to hold big oil companies accountable for their role in climate change and to provide a fair and equitable solution to address the environmental damage caused by their activities.