New York Gov. Kathy Hochul on Dec. 26 signed a bill [8] into law empowering the state government to levy heavy fines on fossil fuel companies. The fines will go to a "superfund" that pays for addressing environmental damages caused by human-driven climate change. The Climate Change Superfund Act creates an adaptation cost recovery program which will be paid for by fossil fuel companies and is estimated to raise $75 billion over 25 years. Climate change is expected to cost New York taxpayers half a trillion dollars in repair and preparations for extreme weather between now and 2050.
Gov. Hochul praised [10] the bill in a press release:
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, establishing the Climate Superfund is the latest example of my administration taking action to hold polluters responsible for the damage done to our environment and requiring major investments in infrastructure and other projects critical to protecting our communities and economy.
The bill recognizes climate change as resulting "primarily from the combustion of fossil fuels," and cites precedent from other state and federal efforts to clean up the environment, including superfunds [11] for hazardous toxic waste pollutants and oil spills. Companies that have "contributed significantly" to the release of greenhouse gases into the atmosphere will be required to pay into the fund based on their "historic contribution" to the emissions. It establishes strict liability for the companies, requiring them to pay into the fund based solely on whether their products caused the pollution, while not requiring a showing of wrongdoing.
The bill cites research that lays the blame for 70% of global greenhouse emissions since 1988 in the hands of fossil fuel companies, and covers a period from 2000-2018 when "the science of climate change was well established."
The fund will go toward repairing or upgrading vital infrastructure including storm drains, energy-efficient cooling systems, programs that address "climate-driven public health challenges," and wetland restoration.
From JURIST [12], Dec. 27. Used with permission.
