Fossil fuel companies required to support Climate Superfund

ALBANY | Governor Kathy Hochul has just signed landmark legislation bolstering New York's efforts to protect and restore the environment by requiring large fossil fuel companies to pay for critical projects that protect New Yorkers. Legislation S.2129-B/A.3351-B creates a 'Climate Superfund' to support New York-based projects that bolster New York's resiliency to dangerous climate impacts like flooding and extreme heat. "With nearly every record rainfall, heatwave, and coastal storm, New Yorkers are increasingly burdened with billions of dollars in health, safety, and environmental consequences due to polluters that have historically harmed our environment," Gov. Hochul said. "Establishing the Climate Superfund is the latest example of my administration taking action to hold polluters responsible for the damage done to our environment and requiring major investments in infrastructure and other projects critical to protecting our communities and economy." This landmark legislation shifts the cost of climate adaptation from everyday New Yorkers to the fossil fuel companies most responsible for the pollution. By creating a Climate Change Adaptation Cost Recovery Program, this law ensures that these companies contribute to the funding of critical infrastructure investments, such as coastal protection and flood mitigation systems, to enhance the climate resilience of communities across the state. New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, "Holding polluters accountable for the damages they cause is essential to New York's environmental protection efforts, and I commend Governor Hochul for signing this historic climate legislation into law. By ensuring those responsible for historic climate-altering emissions bear the costs of the significant health, environmental, and economic impacts already being passed on to New Yorkers, this law will complement the State's efforts to reduce greenhouse gas emissions, help communities adapt to the climate-driven impacts experienced today, and leverage the significant investments the Governor is making in climate resilience." Another new significant climate law signed by Governor Hochul earlier this week expands upon New York State's 2014 prohibition of high-volume hydraulic fracturing to extract natural gas. Legislation S.8357/A.8866 amends the State Environmental Conservation Law to prohibit the use of carbon dioxide in gas or oil extraction to prevent potential negative health or environmental effects from carbon dioxide fracking in the state. Assemblymember Anna Kelles said, "New York State wisely prohibited high-volume hydraulic fracturing in 2020, and I'm thankful to the Governor for signing this bill into law to expand the fracking ban and prevent the use of supercritical carbon dioxide for gas and oil extraction. The negative health and environmental consequences of fracking are only further exacerbated by the use of a highly corrosive supercritical CO2 substance for the purposes of extraction. Supercritical CO2 becomes highly corrosive in the presence of the smallest amount of water and is known to cause pipeline ruptures displacing ambient oxygen as well as destabilization of the very ground under our feet when used for oil and gas extraction due to soil and rock acidification and demineralization. This bill is closing a loophole in our state's fracking ban to protect our people, our environment and our economy. I want to thank my bill cosponsor Senator Lea Webb and the tens of thousands of concerned citizens for helping to strengthen our states environmental protections against harmful fracking practices."

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Fossil fuel companies required to support Climate Superfund

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