Signed by Governor Kathy Hochul

Vote Smart's Synopsis:

Vote to pass a bill that establishes a new climate change adaptation fund to collect payment from certain fossil fuel entities for climate change-related infrastructure in New York.

Highlights:

• Requires companies to pay into the Climate Change Adaptation Fund based on the amount of historic greenhouse gas emissions from fossil fuels which they are responsible for extracting and refining (Sec. 1).

• Amends the total amount of costs intended to be recovered from companies and placed in the fund from $3 billion per year to $75 billion total (Sec. 1).

• Requires climate change adaptive infrastructure projects to align with criteria identified in the statewide climate change adaptation and resilience plan (Sec. 1).

• Extends the covered period in which greenhouse gas emissions from companies is calculated from 2000-2018 to 2000-2024 (Sec. 1).

• Specifies that any party found responsible for cost recovery related to greenhouse gas emission contributions who fails to make a payment will incur a penalty of 50% of the unpaid amount (Sec. 1).

• Authorizes a responsible party to file a request for reconsideration of its cost recovery demand (Sec. 1).

• Requires the Department of Environmental Conservation to make all data relating to fossil fuel extraction and refining by entities under this Act publicly available (Sec. 1).

• Requires the Department to conduct an evaluation of the cost recovery program that considers total costs recovered and expenditures from those funds on projects for climate change adaptive infrastructure (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes a new climate change adaptation fund to collect payment from certain fossil fuel entities for climate change-related infrastructure in New York.

Highlights:

• Requires companies to pay into the Climate Change Adaptation Fund based on the amount of historic greenhouse gas emissions from fossil fuels which they are responsible for extracting and refining (Sec. 1).

• Amends the total amount of costs intended to be recovered from companies and placed in the fund from $3 billion per year to $75 billion total (Sec. 1).

• Requires climate change adaptive infrastructure projects to align with criteria identified in the statewide climate change adaptation and resilience plan (Sec. 1).

• Extends the covered period in which greenhouse gas emissions from companies is calculated from 2000-2018 to 2000-2024 (Sec. 1).

• Specifies that any party found responsible for cost recovery related to greenhouse gas emission contributions who fails to make a payment will incur a penalty of 50% of the unpaid amount (Sec. 1).

• Authorizes a responsible party to file a request for reconsideration of its cost recovery demand (Sec. 1).

• Requires the Department of Environmental Conservation to make all data relating to fossil fuel extraction and refining by entities under this Act publicly available (Sec. 1).

• Requires the Department to conduct an evaluation of the cost recovery program that considers total costs recovered and expenditures from those funds on projects for climate change adaptive infrastructure (Sec. 1).

Full Bill Text