New York Passes Climate Change Superfund Act, Holding Fossil Fuel Companies Accountable
Background
The Climate Change Superfund Act, signed into law by Governor Kathy Hochul, aims to address climate change in New York by holding fossil fuel companies responsible for their historical emissions. The law targets companies that emitted over a billion tons of greenhouse gases between 2000 and 2018, based on their historical share of total emissions.
How the Act Works
The law establishes a new fund, the Climate Change Adaptation Cost Recovery Program, to which companies must contribute. The amount each company pays is determined by their share of raw emissions, prorated against the total emissions from all responsible parties. The fund will be used to finance projects such as:
- Stormwater system improvement
- Coastal infrastructure
- Energy-efficient cooling systems
- Restoring wetlands
- Protecting against hurricanes and floods
Calculating Payments
The law sets specific formulas for calculating payments based on the type of fuel:
- Coal: Every million pounds of coal represents 942.5 metric tons of carbon dioxide (CO2)
- Crude oil: Every million barrels of crude oil represents 432,180 metric tons of CO2
- Fuel gas: Every million cubic feet of fuel gases represents 53,440 metric tons of CO2
Fees and Penalties
Companies must maintain detailed records and submit regular compliance reports for verification by the Department of Environmental Conservation (DEC). The Comptroller’s Office and the Department of Taxation and Finance oversee the financial aspects of the fund, collecting and depositing funds and imposing fees to ensure compliance.
Frequently Asked Questions
Q: What is the total amount allocated to the Climate Change Superfund?
A: $75 billion
Q: How are companies responsible for paying into the fund?
A: Companies are responsible for their historical share of raw emissions, prorated against the total emissions from all responsible parties.
Q: How are payments calculated?
A: Payments are calculated based on the type of fuel used, as outlined in the article.
Q: What types of projects will the fund support?
A: The fund will support projects such as stormwater system improvement, coastal infrastructure, energy-efficient cooling systems, restoring wetlands, and protecting against hurricanes and floods.
Conclusion
The Climate Change Superfund Act is a significant step towards addressing the climate crisis in New York, holding responsible parties accountable for their historical emissions. The law aims to promote sustainable development and protect vulnerable communities, while also promoting renewable energy and energy efficiency.
