Gov. Kathy Hochul speaks during a press conference in Rochester, Monday, Sept. 9, 2024. (Photo by Mark Schuman/WHAM) 2 TOPICS: Climate change New York Fossil fuel companies $75 billion Exxon Legislation Environmental harm Lawsuits Rochester, N.Y. (WHAM) — New York state is fining fossil fuel companies a total of $75 billion over the next 25 years. Gov. Kathy Hochul signed the bill, called the Climate Change Superfund Act , into law last week. Representatives claim the monies will be used to reinvest in mitigating further environmental harm — including improving transit systems, sewage and water, roadways, protecting major harbors and upgrading infrastructure. “Well, they certainly have a lot of costs going forward to adapt to climate change,” said environmental lawyer Alan Knauf from Knauf Shaw LLP . Knauf said New York is pointing the blame for climate change on carbon dioxide emissions, thereby holding oil companies liable. “It is a pretty, let’s say, radical, I guess it is, approach to this to really go right in the face of the oil companies and say, ‘Hey, you guys got to pay,'” he said. On the fairness of this measure, Knauf said that’s debatable. “I certainly see the point of view of the state is ‘You sold this product, you knew what was going to happen, or you should have known,'” he said. “I think a lot of the oil companies did know, but the very least they should have figured it out, and you’re just liable for the consequences.” State representatives claim major companies like Exxon knew as early as the 1970s about the possible devastation fossil fuels could unleash on the planet. But who is ultimately going to pay this $75 billion? While state representatives claim the costs will not fall onto the consumer, Ethan Wade from Brighton Securities […]