The High Price of ‘Costless’ Climate Cleanup
Late last year, the State of New York adopted the so-called Climate Superfund Law that is intended to make fossil fuel firms pay the state’s costs for climate change mitigation. It is the second state to adopt such a law, after Vermont, and several others—including California, Maryland, Massachusetts, and New Jersey—may follow suit.
Of the new law, New York Gov. Kathy Hochul declared, “Establishing the Climate Superfund is the latest example of my administration taking action to hold polluters responsible for the damage done to our environment and requiring major investments in infrastructure and other projects critical to protecting our communities and economy.” That is certainly good rhetoric, but her claims are misleading. The law’s basis for assigning responsibility is questionable at best. Worse, Albany lawmakers’ claims that regular New Yorkers will not foot at least some of the bill are surely false.
Read the full piece here.