New York to fine fossil fuel companies $75 billion under new climate law

By Free Republic | Created at 2024-12-26 22:43:47 | Updated at 2024-12-27 14:52:10 16 hours ago

New York to fine fossil fuel companies $75 billion under new climate law
Reuters ^

Posted on 12/26/2024 2:35:11 PM PST by TigerClaws

NEW YORK, Dec 26 (Reuters) - New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday.

The law is intended to shift some of the recovery and adaptation costs of climate change from individual taxpayers to oil, gas and coal companies that the law says are liable. The money raised will be spent on mitigating the impacts of climate change, including adapting roads, transit, water and sewage systems, buildings and other infrastructure.

"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," New York Senator Liz Krueger, a Democrat who co-sponsored the bill, said in a statement.

Fossil fuel companies will be fined based on the amount of greenhouse gases they released into the atmosphere between 2000 and 2018, to be paid into a Climate Superfund beginning in 2028. It will apply to any company that the New York Department of Environmental Conservation determines is responsible for more than 1 billion tons of global greenhouse gas emissions. New York becomes the second state to pass such a law after Vermont passed its own version this summer. The laws are modeled after existing state and federal superfund laws that require polluters to pay to clean up toxic waste.

(Excerpt) Read more at reuters.com ...

TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
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1 posted on 12/26/2024 2:35:11 PM PST by TigerClaws

To: TigerClaws

2 posted on 12/26/2024 2:36:28 PM PST by Greg123456

To: TigerClaws

The fossil fuel companies should quit selling in New York. Strictly business

3 posted on 12/26/2024 2:37:58 PM PST by Jan_Sobieski (Sanctification)

To: TigerClaws

Pull out of the state and tell them if you don’t like our product, we’ll sell elsewhere.

4 posted on 12/26/2024 2:38:12 PM PST by BipolarBob (As it was in the days of Noah they were feasting, drinking egg nog and celebrating Christmas.)

To: TigerClaws

Why stop there? Why not 750,000 gazillion dollars?

5 posted on 12/26/2024 2:41:03 PM PST by Michael.SF. (Pray for Biden: Psalms 109: 8)

To: Jan_Sobieski

Exactly, that was my first thought. Like from the Road Warrior, #3.... EMBARGO.

6 posted on 12/26/2024 2:41:38 PM PST by Glad2bnuts

To: TigerClaws

7 posted on 12/26/2024 2:42:05 PM PST by JayGalt (Fight! Fight! Fight!)

To: TigerClaws

A lot of this is due to laws passed in NY, many of which are very costly to individuals and unpopular. So NY is forcing the companies to pay for, what is largely, a self inflicted wound.

These companies should just raise their prices in NY to cover the cost of this “fine”.

8 posted on 12/26/2024 2:42:14 PM PST by rbg81

To: TigerClaws

Fired a shot heard round the world?

Remember when liberals lectured us, that we aren’t allowed to use any violent images or metaphors in political discourse?

She is violating their own stated standards.

To: TigerClaws

Raise sale of fossil fuels and all its products in NY State to cover the fine.

10 posted on 12/26/2024 2:43:03 PM PST by PIF (They came for me and mine ... now its your turn)

To: Jan_Sobieski

Hochul is likely doing this as a favour to some company.
If every company did this, some company would just fill in the closed gas stations and then Hochul would say, “nevermind”

Democrats are using lawfare in order to play favourites.

11 posted on 12/26/2024 2:43:19 PM PST by Jonty30 (Genghis Khan did not have the most descendants. His father had more. )

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