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'Climate superfund’ could make NY more resilient, but industry groups may try to block it
By
Andrew Giambrone
Published Dec 26, 2024
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ANGELA WEISS/AFP via Getty Images
By
Andrew Giambrone
Published Dec 26, 2024
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Major fossil fuel companies will be required to pay into a “climate superfund” that will support resiliency projects across New York under a bill Gov. Kathy Hochul signed on Thursday — as long as the fund isn’t tanked by potential legal challenges.
Environmental advocates and Democratic lawmakers hailed Hochul’s move, as the governor continues to approve various pieces of legislation before the end of the year. The law is meant to raise up to $75 billion over 25 years that can be put toward infrastructure designed to mitigate the effects of climate change, including more frequent flooding and extreme heat.
State officials still have to work out the details of how the program will be structured and how the funds will be disbursed. But Hochul and other Democrats called it a “landmark” law, citing how it would make some of the biggest polluters bankroll climate adaptation efforts.
“By creating a Climate Change Adaptation Cost Recovery Program, this 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,” Hochul said in a statement.
Still, industry groups have signaled they might challenge the law in court, which could hold up any implementation.
“This type of legislation represents nothing more than a punitive new fee on American energy, and we are evaluating our options moving forward,” a spokesperson for the American Petroleum Institute said in a statement on Thursday.
The Business Council of New York State and over 30 business groups earlier this month called on Hochul to veto the bill, arguing that it “targets sellers of fossil fuels while ignoring users as a contributor to emissions.”
“If signed, the law would certainly face a long and costly legal challenge,” the council said in a release on Dec. 5.
The bill was sponsored by state Sen. Liz Krueger and Assemblymember Jeffrey Dinowitz, who both represent parts of New York City and took victory laps after the governor’s announcement on Thursday. The state Legislature passed the measure in the spring.
In a memo accompanying her approval of the legislation, Hochul wrote that the law would allow New York to “recoup” funds from companies “responsible for more than 1 billion metric tons of covered greenhouse gas emissions.” She added that the enacted measure will give the state Department of Environmental Conservation more time and authority to set up the superfund and will “ensure sufficient public involvement and transparency” around projects developed through the program.
According to estimates from Krueger’s office, addressing extreme weather will cost more than a half-trillion dollars statewide by 2050. Dinowitz’s office said infrastructure that would qualify for the program includes coastal wetlands restoration, stormwater system upgrades and efficient cooling systems in public buildings.
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new york state
Health and Science
Andrew Giambrone
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