vvjl Hochul Signs Law That Penalizes Companies for Greenhouse Gas Emissions
Gov. Kathy Hochul of New York on Thursday signed a law that requires companies that are big fossil fuel polluters to help pay to repair damage caused by extreme weather, which is becoming more common because of greenhouse gas emissions.
lodi777 phThe legislation, called the Climate Change Superfund Act, mandates that the companies responsible for the bulk of carbon emissions buildup between 2000 and 2024 pay about $3 billion each year for 25 years.
“With nearly every record rainfall, heat wave, and coastal storm, New Yorkers are increasingly burdened with billions of dollars in health, safety, and environmental consequences due to polluters that have historically harmed our environment,” Governor Hochul said.
The law was modeled on the original Superfund law, which was established in 1980 and requires companies to pay for the cleanup of toxic waste wrought by incidents like oil and chemical spills.
New York’s new law focuses on pollution produced by the combustion of fossil fuels, which results in the warming of the atmosphere, causing extreme weather, like floods and storms, to be more frequent, experts say.
The idea is to take some of the burden off taxpayers, who now are on the hook for financing much of the cleanup and mitigation efforts after weather disasters. The law takes particular aim at the oil and gas companies that produced more than one billion tons of greenhouse gas emissions globally over the last 24 years.
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A person familiar with the matter confirmed that the relationship was with Mr. Kennedy, a former Democrat who ended his independent run for president in August and has since endorsed former President Donald J. Trump. Mr. Trump’s campaign has named Mr. Kennedy to his transition team should he win the election in November.
“It was truly a couture book,” said Robert Burke, a former Bergdorf executive turned luxury consultant who today counts Assouline among his clients. “We sold them as fast as Prosper could wrap them,” Mr. Burke recalled.
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