New York to fine fossil fuel companies $75 billion under new climate law
Energy companies are expected to file legal challenges to the new law, arguing that it is preempted by federal law regulating energy companies and polluters
By News on the Net -- Reuters—— Bio and Archives--December 27, 2024
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NEW YORK - 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, gas and coal companies that the law says are liable. The money raised will be spent on mitigating the impacts of climate change, including adapting roads, transit, water and sewage systems, buildings and other infrastructure. ---More...
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