New York Takes Vermont's Lead, Establishes Climate "Superfund" Law

Following Vermont's lead from last year, New York
Gov. Kathy Hochul signed legislation creating a
"climate superfund" to force fossil fuel polluters
 to help pay for climate related damages in the state.

 Vermont lawmakers made waves last spring when the state adopted a law that requires fossil fuel companies and other big polluters to pay for climate related damage all those emissions have and will cause the state. 

The law faces an uncertain future because, as you might imagine the fossil fuel companies are not happy with this idea and will sue. 

But other states have taken a keen interest in Vermont's law, and it's starting to snowball. New York Gov. Kathy Hochul signed into law a bill similar to Vermont's earlier this month. 

Per the Washington Post: 

"The bill...... would allow the state to fine the biggest greenhouse gas emitters a total of $75 billion, to be paid over 25 years into a fund based on their contributions to overall emissions between 2000 and 2018.

That money would be used to pay for the damage already done to homes, roads and bridges - and help cover the cost of preparing for increasingly extreme weather in the years come."

Fossil fuel lobbyists reacted to the New York legislation pretty much the same way they did when Vermont passed their own climate superfund law.  WaPo again:

"New York's law is almost certain to face legal challenges. The American Petroleum Institute, the oil and gas industry's powerful lobbying group, sent state lawmakers a memo in 2023 saying the proposed bill was unconstitutional. A could would probably strike it down, the group did, because it was preempted by federal law and sought to hold companies responsible for the actions of society at large."

Plus, there's the ever-present problem of the incoming Trump administration. Sigh. 

I think this type of law has merit, but buckle up for a long, long legal fight over this. 

 

California, Maryland and Massachusetts have been considering similar laws, but so far no climate superfund bill has made it to the governors desk in any of those states.