Kathy Hochul to fine oil companies for natural disaster damage in New York

The legislation was modeled after a similar law in Vermont. The New York Legislature approved legislation earlier this year that forces oil and gas companies to contribute to the cost of repairs after extreme weather events and projects including coastal wetland restoration, in addition to upgrades for roads, bridges, and water systems, and the companies could be paying some $3 billion over the next 25 years, per The Hill.

Democratic State Sen. Liz Krueger, who sponsored the bill, said, “The Climate Change Superfund Act is now law, and 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.” She added, “The planet’s largest climate polluters bear a unique responsibility for creating the climate crisis, and they must pay their fair share to help regular New Yorkers deal with the consequences.”

The law is targeting the largest emitters of greenhouse gases between 2000 and 2018 but will not start fining companies right away. The state needs to design rules on how to identify responsible companies, notify those affected and create a system to determine which infrastructure projects will be paid for.

According to the Associated Press, legal challenges to the legislation are expected. The American Petroleum Institute, one of big oil’s top lobbying groups, said in a statement, “This type of legislation represents nothing more than a punitive new fee on American energy, and we are evaluating our options moving forward.”