What could possibly go wrong with this?
New York to charge fossil fuel companies for damage from climate change
Large fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed Thursday by Gov. Kathy Hochul.
The new law requires companies responsible for substantial greenhouse gas emissions to pay into a state fund for infrastructure projects meant to repair or avoid future damage from climate change.
Lawmakers approved the bill earlier this year to force big oil and gas companies to contribute to the cost of repairs after extreme weather events and resiliency projects such as coastal wetland restoration and upgrades to roads, bridges and water drainage systems.
“The Climate Change Superfund Act is now law, and 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,” said state Sen. Liz Krueger, a Democrat who sponsored the bill.
I wonder if Hochul and Krueger have given up their own use of fossil fuels? Nah. We know they haven’t.
The law won’t start penalizing companies immediately. Instead, the state must come up with rules on how to identify responsible parties, notify companies of the fines and create a system to determine which infrastructure projects will be paid for by the fund. Legal challenges are expected.
They’ll have to figure out how much the cost of living will go up from this law, and how many companies will leave NY. Let’s go back to when they were discussing this earlier in 2024
New York Assembly Speaker Carl Heastie threw cold water on a bill that would require major energy companies to pay for climate change remediation, saying the measure could ultimately result in higher costs for utility ratepayers.
The Climate Change Superfund Act would require companies that contributed significantly to the buildup of greenhouse gases to pay for part of the mitigation efforts to offset climate change, including major infrastructure projects like water barriers.
The measure was approved in the state Senate, but has stalled in the Assembly.
Heastie says he’s concerned that it would result in higher utility prices, as the energy companies pass down the costs of the new requirements to ratepayers.
“I’ve never in my life seen corporations choose the ratepayer over the stockholder,” Heastie said. “Asking these companies to pay more, it’s going to be, of course, taken out on the ratepayer.”
It’s unknown if they managed to figure out a way to make it so the fees/taxes can’t be passed on, but, that would mean more companies leaving. They will be passed on. Hopefully those companies that stick around really sock it to the government for government purchases.
“ Large fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed Thursday by Gov. Kathy Hochul.”
No! This money gets added to the New York State treasury, just as congestion pricing fees and other taxes and fees do, to spend on wasteful projects, illegal immigrants, etc. Don’t think for a second that these fees will go to “combat climate change” because anything New York does or does not do will affect climate change. Of course, none of the money collected from congestion pricing will make it to subsidize mass transit. Unlike the pristine sub car that Hochul was in for her photo shoot just prior to Christmas, the subway cars that we strap hangers ride are filthy and in need of repair. The next thing you know is that New York will increase taxes to stop continental drift.
Forcing business to pay for hypothetical damage under a climate theory that has not been proven. Costs of doing business are ALWAYS passed along to the consumers. Even costs for presumed damages that are not really happening due to a make-believe climate crisis.
This is how blue states make themselves uninhabitable.
These businesses should charge the state governments more for having imposed these costs. All NY state buildings should have their utility bills multiplied by a factor to account for this. All fuel companies should charge the State of NY triple or quadruple the market rate for gasoline, diesel, and other petroleum products. No state vehicle should be allowed to purchase fuel from a normal gas station in order to avoid these costs.
The State of NY should bear the cost of these idiocies.
So it goes back to the people of NY anyhow since the state has no money but what it steals from the people.
Frankly I say fuk the people of NY. They voted these commies in now let them live with the results!
Better it be distributed over all the voters/taxpayers than just target the ones who have to fill their gas tanks.
Textbook backdoor taxation. The left thinks that “corporate robber barons” have a big vault of cash downstairs like Scrooge McDuck and all they have to do is pass a law and all that dirty money will just appear in the State coffers like magic.
Perhaps the petroleum industry should send NY a bill for the standard of living that their product, and only their product, makes possible and send it net 30. If they don’t pay, no more petroleum or petroleum products, or anything else petroleum is used for, i.e. everything.