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Author Topic: New York to fine fossil fuel companies $75 billion under new climate law  (Read 373 times)

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Online rangerrebew

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New York to fine fossil fuel companies $75 billion under new climate law
« on: December 27, 2024, 06:04:42 am »

New York to fine fossil fuel companies $75 billion under new climate law
Story by Jonathan Allen • 15h


By Jonathan Allen

NEW YORK (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.

https://www.msn.com/en-us/money/companies/new-york-to-fine-fossil-fuel-companies-75-billion-under-new-climate-law/ar-AA1wxbhq?ocid=msedgdhp&pc=HCTS&cvid=6ec426b0e40c492ea5e30dbf9751613f&ei=16
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The unity of government which constitutes you one people is also now dear to you. It is justly so, for it is a main pillar in the edifice of your real independence, the support of your tranquility at home, your peace abroad; of your safety; of your prosperity; of that very liberty which you so highly prize. But as it is easy to foresee that, from different causes and from different quarters, much pains will be taken, many artifices employed to weaken in your minds the conviction of this truth.  George Washington - Farewell Address

Online rangerrebew

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Re: New York to fine fossil fuel companies $75 billion under new climate law
« Reply #1 on: December 27, 2024, 06:06:32 am »
I wonder why NY hasn't done the same sort of thing with cigarettes to save the environment? :shrug:
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The unity of government which constitutes you one people is also now dear to you. It is justly so, for it is a main pillar in the edifice of your real independence, the support of your tranquility at home, your peace abroad; of your safety; of your prosperity; of that very liberty which you so highly prize. But as it is easy to foresee that, from different causes and from different quarters, much pains will be taken, many artifices employed to weaken in your minds the conviction of this truth.  George Washington - Farewell Address

Offline Weird Tolkienish Figure

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Re: New York to fine fossil fuel companies $75 billion under new climate law
« Reply #2 on: December 27, 2024, 11:52:37 am »
Insanity.
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Offline cato potatoe

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Re: New York to fine fossil fuel companies $75 billion under new climate law
« Reply #3 on: December 27, 2024, 12:02:34 pm »
Their attorneys will get this law overturned, but it still makes our energy more expensive when states harass companies over junk science. 
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Offline Hoodat

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Re: New York to fine fossil fuel companies $75 billion under new climate law
« Reply #4 on: December 27, 2024, 12:04:09 pm »
Oil and gas companies should stop doing business in New York.
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Online Smokin Joe

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Re: New York to fine fossil fuel companies $75 billion under new climate law
« Reply #5 on: December 27, 2024, 11:27:53 pm »
Quote from: Hoodat on December 27, 2024, 12:04:09 pm
Oil and gas companies should stop doing business in New York.
Yep. Just for the duration of any trial held, and until the companies are found not guilty of any but egregious pollution.
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Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

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