“The Climate Change Superfund Act is now law, and 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,” said state Sen. Liz Krueger, a Democrat who sponsored the bill.

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,

New York is making polluters pay up. A landmark law signed by Gov. Kathy Hochul on Thursday, Dec. 26, created a “Climate Superfund” requiring large fossil fuel companies to pay for critical projects aimed at protecting residents from severe weather impacts like flooding and extreme heat.