Posted on 12/26/2024 2:35:11 PM PST by TigerClaws
NEW YORK, Dec 26 (Reuters) - 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.
"New York has fired a shot that will be heard round the world: The companies most responsible for the climate crisis will be held accountable," New York Senator Liz Krueger, a Democrat who co-sponsored the bill, said in a statement.
Fossil fuel companies will be fined based on the amount of greenhouse gases they released into the atmosphere between 2000 and 2018, to be paid into a Climate Superfund beginning in 2028. It will apply to any company that the New York Department of Environmental Conservation determines is responsible for more than 1 billion tons of global greenhouse gas emissions. New York becomes the second state to pass such a law after Vermont passed its own version this summer. The laws are modeled after existing state and federal superfund laws that require polluters to pay to clean up toxic waste.
(Excerpt) Read more at reuters.com ...
Unconstitutional
The fossil fuel companies should quit selling in New York. Strictly business
Pull out of the state and tell them if you don’t like our product, we’ll sell elsewhere.
Why stop there? Why not 750,000 gazillion dollars?
Exactly, that was my first thought. Like from the Road Warrior, #3.... EMBARGO.
Appeals court...
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.
These companies should just raise their prices in NY to cover the cost of this “fine”.
Fired a shot heard round the world?
Remember when liberals lectured us, that we aren’t allowed to use any violent images or metaphors in political discourse?
She is violating their own stated standards.
Raise sale of fossil fuels and all its products in NY State to cover the fine.
Hochul is likely doing this as a favour to some company.
If every company did this, some company would just fill in the closed gas stations and then Hochul would say, “nevermind”
Democrats are using lawfare in order to play favourites.
Just pull out of NY State.
They only produce the fuel they don’t actually burn it. Interesting to prove who delivered what when and was burned by who.
It would be funny if this law inadvertently caused all petrochemical products to cease to be sold in New York.
Lying MFers. There needs to be a federal law banning this nonsense And outlawing bans on drilling and fracking.
This fakery is damaging our economy and national security.
They could charge people from any country in the world, their farm animals et al, for greenhouse gas emission from eating food.
They talk about flatulence from cows, but how many billion people eating vegetable diets, the gas is more.
Turn off all the petroleum product lines running into the state today...
Yep, always follow the money.
Why is it unconstitutional? Perhaps because it's after the fact?
$75 billion to pay for a hoax.
Money needy states looking to rip off successful companies.
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