New York will fine fossil fuel companies $75 billion over 25 years under a new law signed by Governor Kathy Hochul, aiming to shift climate recovery costs from taxpayers to oil, gas, and coal companies.

Funds will be used to upgrade infrastructure and mitigate climate impacts.

Companies responsible for over 1 billion tons of greenhouse gas emissions between 2000 and 2018 will pay into a Climate Superfund starting in 2028.

Modeled after federal superfund laws, New York follows Vermont in holding polluters financially accountable, Reuters has reported.

Legal challenges from energy companies are expected.

Written by B.C. Begley