On Thursday, New York Governor Kathy Hochul signed a groundbreaking bill ordering fossil fuel companies to pay $75 billion in fines over the next 25 years.

This measure aims to make these companies accountable for their contribution to climate change and to ease the financial burden on taxpayers for climate adaptation and recovery costs.

Funds collected from the fines will be allocated to a Climate Superfund starting in 2028, dedicated to mitigating the effects of climate change.

This includes adapting critical infrastructure such as roads, transit systems, water and sewer systems, and buildings.

The fines will be imposed on companies that emit more than 1 billion tons of greenhouse gases between 2000 and 2018, as determined by the New York Department of Environmental Conservation.

“The Climate Change Superfund Act is now law, and New York has fired a shot that will be heard around the world: the companies most responsible for the climate crisis will be held accountable,” said New York Senator Liz Krueger.

The bill’s passage comes amid reports of major oil companies amassing more than $1 trillion in profits since January 2021.

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