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New York to fine fossil fuel firms $102b under new climate law
The Straits Times
|December 28, 2024
The state of New York will fine fossil fuel companies a total of US$75 billion (S$102 billion) over the next 25 years to pay for damage caused to the climate under a Bill that Governor Kathy Hochul signed into law on Dec 26.
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NEW YORK -
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.
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