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Hochul signs $75B climate superfund bill targeting oil companies

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Oil and gas companies could be on the hook for billions of dollars to compensate for environmental pollution after Gov. Kathy Hochul on Thursday signed the Climate Change Superfund Act, a long-cherished priority for advocates who blame global warming on fossil fuels.
Governor Kathy Hochul of New York has signed into law a $75 billion "climate superfund" bill aimed at compelling oil companies to fund climate change mitigation efforts. This legislation, known as the Climate Change Superfund Act, requires major oil and gas companies to contribute to a fund based on their historical contributions to greenhouse gas emissions from 2000 to 2018. The fund will finance projects to adapt to climate change impacts, such as upgrading infrastructure to withstand extreme weather, reducing emissions, and preparing for future climate-related challenges. The bill targets companies responsible for over 1 billion metric tons of emissions, with the goal of making these corporations financially responsible for the environmental damage they've contributed to, similar to how the federal Superfund law addresses hazardous waste sites. This move has sparked debate, with supporters viewing it as a necessary step for environmental justice, while critics, including some oil industry representatives, argue it could lead to higher energy costs and might face legal challenges.

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