Climate Change Superfund Act Will Save New York Taxpayers Billions
Opinion Advocates for ideas and draws conclusions based on the author/producer’s interpretation of facts and data.
Gov. Hochul has made history and signed the Climate Change Superfund Act into law.
While it has not been widely reported, it is a victory we can all celebrate. The law requires large fossil fuel polluters to pay fees to the state based on their contributions to climate damaging emissions. It’s a huge win for the environment, consumers and taxpayers.
Don’t be fooled by fossil fuel-backed companies who want you to believe that this law will hurt the public. Right now, we are all on the hook for 100 percent of climate costs. The bill will shift $75 billion off of taxpayers and onto Big Oil. Naysayers and fossil fuel allies want us to believe that this will increase our costs. How can we pay more than 100 percent of the costs that we’ve been paying so far? It makes no sense. Prominent economists and independent think tanks agree: Big Oil will pay the fees – not the public.
The state’s climate expenses already cost billions and will keep increasing in the decades to come. Until this past week, we were on the hook for all of it. Now Big Oil will pay its share – saving New Yorkers $3 billion annually for each of the next 25 years.
Gov. Hochul’s action must be applauded. Thankfully, she’s teaching the fossil fuel industry a lesson what we all learned as kids – when you make a mess, you clean it up.
Marilyn Elie
Indian Point Safe Energy Coalition
Cortlandt Manor
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