New York Enacts Climate Change Superfund Law

New York Governor Kathy Hochul has signed the Climate Change Superfund Act, mandating major fossil fuel companies to contribute to a state fund aimed at addressing climate change impacts. This law targets significant greenhouse gas emitters, requiring them to pay into a fund projected to raise $75 billion over 25 years for infrastructure projects like coastal wetland restoration and flood mitigation. Advocates hailed the legislation as a landmark move for accountability, while industry groups, including the American Petroleum Institute, have criticized it as a punitive fee and indicated plans for legal challenges. The law will not impose penalties immediately as the state formulates rules for identifying responsible parties and allocating funds. This initiative follows a similar law enacted in Vermont earlier this year, signaling a growing trend among states to hold polluters accountable for environmental damages.