New York introduces ‘landmark’ climate bill that will fine fossil fuel companies $75 billion
The legislation is described as shifting the cost of climate adaptation from everyday New Yorkers to the fossil fuel companies most responsible for the pollution.
New York has introduced landmark legislation that aims to hold fossil fuel companies to account for their negative impact on the environment.
Under the new laws, the most polluting companies will be forced to pay for critical projects that support New York’s resilience to dangerous climate impacts like flooding and extreme heat.
The process will include the newly-created ‘Climate Superfund’, which will be funded through fines that will total $75 billion over the next 25 years.
Governor Kathy Hochul, who signed the bill (S.2129-B/A.3351-B) into law on December 26th, said that the legislation shifts the cost of climate adaptation from everyday New Yorkers to the fossil fuel companies most responsible for the pollution.
“With nearly every record rainfall, heatwave, and coastal storm, New Yorkers are increasingly burdened with billions of dollars in health, safety, and environmental consequences due to polluters that have historically harmed our environment,” Governor Hochul explained.
The landmark legislation is expected to inspire increased scrutiny of practices by big business which have a negative impact on the environment, and sets a precedent for strengthened corporate accountability.
With the Climate Change Superfund Act now law, State Senator Liz Krueger said “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”.
According to Krueger, estimates show that repairing from and preparing for extreme weather caused by climate change will cost more than half a trillion dollars statewide by 2050. That would result in costs of over $65,000 per household.
The fund would be used for critical infrastructure investments to enhance the climate resilience of communities across the state, which could include flood mitigation systems and coastal protection.
Climate change and wildlife
Taking action against the biggest polluters is essential in helping to protect the world’s wildlife.
If carbon emissions continue to rise and heat up the planet, then many species could be decimated and even face extinction if they struggle to adapt to new temperatures.
Climate change results in multiple threats to wildlife populations. This can include an increase in the amount of habitat loss as some ecosystems become uninhabitable, as well as an increase in the amount and severity of weather-related natural disasters like droughts and wildfires.
According to the World Wildlife Fund (WWF), almost half of plant and animal species in the world’s most natural rich areas, such as the Amazon and the Galapagos, could face local extinction by the turn of the century due to climate change if carbon emissions continue to rise without intervention.
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