Environment

N.Y. is 2nd state to enact landmark climate superfund law

Gov. Hochul said they’re ‘taking action to hold polluters responsible for the damage done to our environment.’
A person runs alongside the East River during light rainfall, Nov. 21, 2024 in New York. (AP Photo/Adam Gray, File)

New York Gov. Kathy Hochul (D) signed legislation Thursday that requires oil and gas companies to pay into a fund for projects to address climate change, making it the second state after Vermont to enact a so-called superfund law.

Under the Climate Change Superfund Act, the state will establish two funds that top oil and gas companies doing business in New York will be required to pay into and provide a combined total of $75 billion over 25 years.

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