A landmark law signed by Gov. Kathy Hochul on Thursday, Dec. 26, created a "Climate Superfund" requiring large fossil fuel companies to pay for critical projects aimed at protecting residents from severe weather impacts like flooding and extreme heat.

The move is meant to shift the cost of climate resilience projects from New Yorkers to those most responsible for the pollution, Hochul's office said.

"With nearly every record rainfall, heatwave, and coastal storm, New Yorkers are increasingly burdened with billions of dollars in health, safety, and environmental consequences due to polluters that have historically harmed our environment," Hochul said.

"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."

The new legislation creates a Climate Change Adaptation Cost Recovery Program, mandating contributions from fossil fuel companies for infrastructure projects like coastal protection and flood mitigation systems.

Environmental advocates applauded the move as a historic step in climate accountability. Among them was Democratic State Sen. Liz Krueger, who sponsored the bill.

"I hope we have made ourselves very clear: the planet's largest climate polluters bear a unique responsibility for creating the climate crisis, and they must pay their fair share to help regular New Yorkers deal with the consequences," Krueger said. "And there's no question that those consequences are here, and they are serious."

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