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New York State Governor Kathy Hochul announced the signing of the Climate Change Superfund Act, […]]
New York to Charge Oil Companies $75 Billion to Pay for Infrastructure to Cope with Climate Change – ESG Today
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Environment/ Government
New York to Charge Oil Companies $75 Billion to Pay for Infrastructure to Cope with Climate Change
Mark Segal
December 30, 2024
New York State Governor Kathy Hochul announced the signing of the Climate Change Superfund Act, a new piece of legislation aimed at requiring fossil fuel companies to pay for a share, proportionate to their contribution to greenhouse gas emissions, of the investments in infrastructure needed to adapt to climate change.
The text of the legislation estimates that the new act is anticipated to require fossil fuel companies to pay approximately $75 billion through 2050, or about $3 billion per year.
The new legislation builds on similar programs in place in New York requiring entities responsible for environmental problems to help pay for cleanup, including the Inactive Hazardous Waste Disposal Site Program and the Oil Spill Fund.
According to the text of the Act, the state will be required over the next few decades to make “huge investments in new or upgraded infrastructure” to adapt to the consequences of climate change, in areas including storm water drainage systems, energy efficient cooling systems in buildings, responses to extreme weather events, and coastal wetlands restoration, among others.
The legislation, which noted that fossil fuel combustion is the main driver of climate change, added that research has made it possible to accurately determine the share of greenhouse gases emitted by specific fossil fuel companies over the past several decades, enabling the new program to require companies “to bear a proportionate share of the cost of infrastructure investments and other expenses necessary for comprehensive adaptation to the impacts of climate change.”
In a statement released announcing the signing of the new legislation, Hochul 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. 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.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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