New York state law to now charge fossil fuel firms for GHG emissions

The legislation creates a ‘Climate Superfund’ to support New York-based projects that bolster the state’s resiliency to dangerous climate impacts like flooding and extreme heat.

The legislation shifts the cost of climate adaptation from everyday New Yorkers to the fossil fuel companies most responsible for the pollution, a release from the governor’s office said.

By creating a Climate Change Adaptation Cost Recovery Programme, the law ensures that these companies contribute to the funding of critical infrastructure investments, such as coastal protection and flood mitigation systems, to enhance the climate resilience of communities across the state.

The state's climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 per cent of the benefits to disadvantaged communities.

New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation and waste sectors.

Another new significant climate law signed by the governor recently expands upon the state’s 2014 prohibition of high-volume hydraulic fracturing to extract natural gas. The legislation amends the State Environmental Conservation Law to prohibit the use of carbon dioxide in gas or oil extraction to prevent potential negative health or environmental effects from carbon dioxide fracking in the state.

ALCHEMPro News Desk (DS)