New York’s plan to charge fossil-fuel producers $75B for climate change damages is struck down
New York's attempt to make fossil fuel companies contribute to a $75 billion fund for climate change repairs was ruled unconstitutional by a federal judge. The judge stated the law exceeded New York's authority and intruded upon federal interests. The law, signed in 2024 by Democratic Governor Kathy Hochul, required major emitters to pay into the fund over 25 years to fund infrastructure projects aimed at mitigating future climate damage. Activists and Hochul's administration plan to appeal the decision.
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