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Albany’s rainmakers have found a new way to shower cash into the state’s dwindling coffers.
The day after Christmas, Gov. Hochul signed Bill S2129A into law, deputizing the Department of Environmental Conservation to fine fossil fuel companies billions of dollars for past greenhouse gas emissions.
The money will go into a Climate Change Slush — er, “superfund” that will be used, ostensibly, to prepare for and manage adverse weather events, like floods.
Sponsored by five Senate Democrats — Liz Krueger (28th Senate District), Joe Addabbo (15th), Neil Breslin (46th), Jabari Brisport (25th), and Samra Brouk (55th) — and following on the heels of a law Vermont passed last year, the Climate Change Superfund will retroactively levy a fee on firms that “engaged in the trade or business of extracting fossil fuel or refining crude oil” during a “covered period” from Jan. 1, 2000 to Dec. 31, 2018; that exceeded 1 billion metric tons of emissions; and that sold their products into the Empire State — big foreign producers like China National Petroleum Company and Rosneft needn’t worry.
Keep reading at NYPost.com
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