New York Governor Kathy Hochul has one month to make a decision on a groundbreaking environmental bill. The bill, known as the Climate Change Superfund Act, would require fossil fuel companies to pay for the environmental damage caused by their greenhouse gas emissions. This would amount to $3 billion annually for a total of $75 billion over 25 years. The legislation states that these companies have created an immediate and serious threat to the state’s communities, environment, and economy.
If Governor Hochul signs the bill, New York will become the second state, after Vermont, to have a climate superfund law. This law is based on the “polluters pay” principle, which is also used by the federal Comprehensive Environmental Response, Compensation, and Liability Act. This gives the U.S. Environmental Protection Agency the power to hold polluters accountable for the costs of environmental cleanup.
The $75 billion from the fossil fuel companies would go towards helping the state mitigate the irreversible consequences of climate change. This includes rising sea levels, increasing temperatures, extreme weather events, flooding, heatwaves, toxic algal blooms, and other climate change-driven disasters. This fund would also be used to build climate resiliency infrastructure in New York.
The bill was passed by the Legislature in late spring and now it is up to Governor Hochul to decide whether to sign it into law. If she does, New York will take a major step towards holding fossil fuel companies accountable for their role in contributing to climate change. This could also set an example for other states to follow.
It is crucial for New York to take action on climate change, as the state is already experiencing the effects of a warming planet. By signing this bill, Governor Hochul would be showing her commitment to protecting the state’s communities, environment, and economy for future generations. Let’s hope she makes the right decision and signs the Climate Change Superfund Act into law.