Gov. Kathy Hochul approved a controversial law that will force oil, natural-gas and coal companies to fork over a staggering $75 billion to the state for carbon emissions and allegedly contributing to climate change.
But critics claim the law is unworkable, likely to be challenged in court and will only end up costing customers more.
“What would you have them do? Not sell fuel in New York State,” said Ken Pokalsky, vice president of the New York State Business Council, which opposed the measure.
The New York Climate Superfund is modeled after a federal law that holds polluters responsible for abandoned toxic-waste sites, advocates said.
Money extracted from the petro firms over a 24-year-period would go toward resiliency projects, such as coastal protection and flood mitigation.
House Judiciary Committee sends letters to investment firms tied to ‘woke ESG cartel’