New York’s Climate Change Superfund Law
On Dec. 26, 2024, Governor Kathy Hochul signed New York’s Climate Change Superfund Act into law. If it survives the many legal challenges it is expected to face, the act has the potential to affect a large segment of the fossil fuel industry by making companies strictly liable for billions of dollars of costs New York anticipates spending on climate adaptation measures. How is the act designed to work, and what can we expect next?
January 14, 2025 at 09:29 AM
5 minute read
On Dec. 26, 2024, following in Vermont’s footsteps, Gov. Kathy Hochul signed the Climate Change Superfund Act, S2129B/A3351B (“the act”), into law in New York. Modeled on federal and state strict liability hazardous waste Superfund laws, the act seeks to recover $75 billion from fossil fuel companies to fund climate change adaptation projects in the state. The act has the potential to affect a large segment of the fossil fuel industry. How is this new law designed to work, and what can we expect next?
Overview of the Act
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