The law would raise $3 billion annually from major carbon polluters, requiring them to pay for climate damage based on their emissions.

New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday. The law is intended to shift some of the recovery and adaptation costs of climate change from individual taxpayers to oil,

Large fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed by Democratic Gov. Kathy Hochul

New York Gov. Kathy Hochul on Thursday approved the Legislature’s bill requiring major polluters that contributed to global warming to pay $75 billion for repairs from major storms and other remediation resulting from climate change.

Kathy Hochul signed a law on Thursday that requires fossil fuel companies to pay billions for their role in the climate crisis. The move makes New York the second state in the U.S. to hold oil manufacturers accountable for supporting projects that protect against the damages of floods,

New York is making polluters pay up. A landmark law signed by Gov. Kathy Hochul on Thursday, Dec. 26, created a “Climate Superfund” requiring large fossil fuel companies to pay for critical projects aimed at protecting residents from severe weather impacts like flooding and extreme heat.