Relates to the climate change adaptation cost recovery program and requirements for climate change adaptive infrastructure projects; relates to the use of funds from the climate change adaptation fund for certain projects; relates to the disclosure of certain data from returns of petroleum or fossil fuel businesses; relates to expenditure of funds from the climate change adaptation fund; repeals certain provisions; relates to severability and legislative findings.
Summary
Bill S00824 establishes a climate change adaptation cost recovery program in New York, requiring fossil fuel companies to contribute to a fund based on their historical greenhouse gas emissions. The bill aims to secure $75 billion for climate change adaptive infrastructure projects, addressing the impacts of climate change such as rising sea levels and extreme weather events. It also amends various laws related to the use of funds from the climate change adaptation fund, the disclosure of data from fossil fuel businesses, and repeals certain existing provisions regarding labor standards and worker protection in the context of climate adaptation projects.
Impact
The bill significantly alters the financial responsibilities of fossil fuel companies in New York, holding them strictly liable for their contributions to climate change through a cost recovery program. This will provide a substantial revenue stream for climate adaptation projects, which are crucial for mitigating the effects of climate change on state infrastructure and communities. Additionally, it emphasizes the importance of funding projects that benefit disadvantaged communities, thereby promoting equity in climate resilience efforts.
Sentiment
The sentiment surrounding Bill S00824 appears to be mixed. Supporters emphasize the necessity of holding fossil fuel companies accountable for their role in climate change and the importance of funding adaptive infrastructure. However, there is opposition from some legislators who express concerns about the financial burden on the fossil fuel industry and potential economic repercussions. The bill passed in the Senate with a vote of 36 to 23 and in the Assembly with a vote of 97 to 48, indicating a significant level of support despite the dissent.
Contention
Notable points of contention include the financial implications for fossil fuel companies, with critics arguing that the $75 billion assessment could negatively impact the industry and, by extension, the economy. Supporters counter that the assessment is a necessary step towards accountability and funding for climate resilience. Additionally, there are concerns regarding the potential for increased costs to consumers and the overall impact on energy prices.
Same As
Relates to the climate change adaptation cost recovery program and requirements for climate change adaptive infrastructure projects; relates to the use of funds from the climate change adaptation fund for certain projects; relates to the disclosure of certain data from returns of petroleum or fossil fuel businesses; relates to expenditure of funds from the climate change adaptation fund; repeals certain provisions; relates to severability and legislative findings.
Relates to the climate change adaptation cost recovery program and requirements for climate change adaptive infrastructure projects; relates to the use of funds from the climate change adaptation fund for certain projects; relates to the disclosure of certain data from returns of petroleum or fossil fuel businesses; relates to expenditure of funds from the climate change adaptation fund; repeals certain provisions; relates to severability and legislative findings.
Directing the Joint State Government Commission to conduct a study on the projected costs in Pennsylvania of climate change adaptation and resilience measures needed to mitigate the projected impacts of certain climate-change-related events.