New York’s new Climate Change Superfund Act requires that the companies responsible for the most carbon emissions buildup between 2000 and 2024 pay about $3 billion each year for the next 25 years. Gov. Kathy Hochul (pictured, 2022) said it would help state residents who are dealing with climate change’s consequences. File Photo by John Angelillo/UPI Dec. 27 (UPI) — A new climate change superfund law in New York state will impose an estimated $75 billion in fees for companies that are the biggest fossil fuel polluters. On Thursday, Gov. Kathy Hochul signed the new law in an effort to support her state’s residents, who she said are dealing with climate change’s consequences. The Climate Change Superfund Act requires that the companies responsible for the most carbon emissions buildup between 2000 and 2024 pay about $3 billion each year for the next 25 years, according to the New York Times . The new law focuses on pollution made by fossil fuels. “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,” she said in a statement . “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,” she added. The new law would see Saudi Armco charged an annual $640 million, Fox News reports. As expected, the superfund is being met with criticism among business groups. “What would you have them do? Not sell fuel in New York state,” said New York State Business Council Vice President Ken Pokalsky.