Governor Hochul emphasized that the increasing frequency of extreme weather events, such as heavy rainfall and coastal storms, has imposed billions of dollars in costs on New Yorkers.

New York has enacted a groundbreaking law requiring companies responsible for significant greenhouse gas emissions to contribute to a state fund dedicated to infrastructure projects aimed at mitigating climate change damage.

This legislation mirrors a similar climate change law passed in Vermont earlier in 2024, indicating a growing trend among states to address climate issues.

Nobel Prize-winning economist Joseph Stiglitz reassured the public that the law's structure prevents costs from being passed on to consumers, which is crucial for families in New York.

While environmental groups celebrate the law as a necessary step for climate accountability, business groups express concerns that it will lead to higher operational costs and energy prices for consumers.

Despite fears from opponents about potential economic repercussions, experts maintain that the legislation will not result in higher gas prices for consumers.

Critics, including the American Petroleum Institute, argue that the law unfairly targets fossil fuel producers and may lead to increased energy costs for consumers.

Ken Pokalsky from the Business Council criticized the law for implying that fossil fuel companies are solely responsible for climate change, highlighting the historical benefits society has gained from fossil fuels.

The law identifies 38 major carbon polluters, including prominent U.S. firms like Exxon and Chevron, who will be held liable based on their carbon dioxide emissions.

Supporters view this law as a victory for grassroots activism, marking a pivotal moment in the national reckoning with Big Oil over climate responsibilities.

Opponents of the law raise concerns about its constitutionality and question the effectiveness of state-level policies in addressing national climate issues.

Former state energy utility regulator John Howard expressed skepticism about the law's legal viability and the practicality of enforcing fees on foreign companies.