New York State has introduced a new law that will impose fines of $75 billion on fossil fuel companies over the next 25 years.

The bill, signed into law by Governor Kathy Hochul, aims to hold oil, gas, and coal companies accountable for the damage caused to the climate. The law seeks to shift the financial burden of climate change from individual taxpayers to the companies deemed liable.

Under this legislation, fossil fuel companies will be fined based on the quantity of greenhouse gases they released into the atmosphere between 2000 and 2018. The fines collected will be allocated to a Climate Superfund, starting in 2028, to be used for mitigating the impacts of climate change, including the adaptation of infrastructure such as roads, transit, water and sewage systems, and buildings.

New York's move has been hailed by Democrat Senator Liz Krueger as a significant step toward holding the most culpable companies accountable for their role in the climate crisis. This development also puts New York as the second state to pass such a law after Vermont.

However, energy companies are expected to challenge the new law in court, arguing that it is preempted by federal regulations governing energy companies and polluters.

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According to Krueger, the costs of repairing damage and adapting to extreme weather caused by climate change are anticipated to exceed $500 billion by 2050. It is noted that major oil companies have generated profits in excess of $1 trillion since January 2021 and have been aware of the link between the extraction and combustion of fossil fuels and climate change since at least the 1970s.

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