Today, New York Governor Kathy Hochul signed the Climate Change Superfund Act into law, a groundbreaking step toward holding oil and gas companies accountable for their role in the climate crisis. Over the next 25 years, these firms will face a hefty $75 billion price tag to help the state combat climate change.
“This law is about fairness,” said Senator Liz Krueger, who co-sponsored the bill. “For too long, New Yorkers have shouldered the burden of climate disasters. Now, the biggest polluters will finally pay their fair share.”
While environmental groups cheered, business leaders weren’t so thrilled. Critics argue the costs will trickle down to everyday consumers through higher energy prices. “This is bad policy,” said Ken Pokalsky from the New York State Business Council. “It raises serious concerns and will increase costs for households and businesses alike.”
The law targets 38 major polluters, including Exxon, Chevron, Shell, and even global giants like Saudi Aramco, which faces a $640 million annual bill. The charges are based on each company’s greenhouse gas emissions, aiming to make them pay for decades of pollution.
Governor Hochul, however, called it a victory for regular people. The funds will go toward climate solutions, making New York more resilient against extreme weather.
Opponents also worry about how this new law might stack up against other measures, like congestion pricing in NYC and pending fossil fuel rules. But for now, the focus is on making those responsible for the climate crisis foot the bill.
What do you think—bold move or too risky?
