ALBANY, New York — Fossil fuel companies would have to pay up under a New York measure that still needs to be approved by Democratic Gov. Kathy Hochul and survive legal challenges.
Assembly Democrats, scrambling to pass at least one major climate measure before leaving Albany and returning to their districts to face voters, moved the “Climate Superfund” bill early Saturday morning. It would charge fossil fuel companies for their share of historical emissions contributing to climate change, raising $3 billion annually — funds earmarked for investments that respond to the effects of a warming planet.
Supporters who framed the bill as a revenue raiser for the state — and a possible climate win after Hochul torpedoed congestion pricing — were thrilled by the last-minute vote in its favor, particularly after Assembly Speaker Carl Heastie (D) had voiced cost concerns just a week earlier.
By charging for historic emissions from an 18-year period, proponents predict fossil fuel companies will be unable to pass costs to consumers as they compete with companies that aren’t billed. They hope the measure provides momentum for other states to act.
