On Thursday, Governor Kathy Hochul signed a bill in New York that mandates large fossil fuel companies to pay fees to assist the state in combating the impacts of climate change. The legislation requires companies with significant greenhouse gas emissions to contribute to a state fund designated for infrastructure projects aimed at mitigating and preventing future climate-related damages.
Lawmakers passed the bill earlier this year to compel major oil and gas corporations to financially support repair efforts following extreme weather events and resilience initiatives like coastal wetland restoration, road enhancements, bridge upgrades, and water drainage system improvements.
