State creates new infrastructure superfund set to be paid for by major US industry: 'Redirecting corporate profits into public coffers'
When your children make a big mess at home, it's their responsibility to clean up after themselves so nobody else in the house has to deal with it. And so they learn to clean up after themselves in the future.
In New York, dirty energy companies are about to learn the same lesson.
Gov. Kathy Hochul recently signed state legislation that creates a Superfund paid for by dirty energy companies to support efforts to harden New York against the effects of climate change. Funds from the Climate Change Adaptation Cost Recovery Program will go toward infrastructure improvements like coastal protection and flood mitigation systems in New York.
Until now, those costs have been borne by the taxpayers in the state. Not anymore.
"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," Gov. Hochul said in a release.
"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."
According to Bloomberg, the state's biggest polluters will have to pay $75 billion over 25 years to fund the program. Supporters of the bill say that even that amount is small potatoes compared to the estimated cost an overheating planet poses to the state over the next two decades.
Vermont has also passed a similar Superfund law.
"New York State is on the leading edge of polluter pays legislation, redirecting corporate profits into public coffers, and investing in the climate resiliency efforts we need to survive worsening climate chaos," Eric Weltman, Senior New York Organizer for the watchdog group Food & Water Watch, said in a statement.
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"The Climate Change Superfund Act is now law, and New York has fired a shot that will be heard 'round the world: The companies most responsible for the climate crisis will be held accountable," State Sen. Liz Krueger added.
Perhaps this will spur dirty energy companies to transition to clean energy more quickly in the coming years. Even if it doesn't, it at least helps shift the burden to those most responsible for carbon emissions — the dirty energy industry.
Analysts expect legal challenges to the bill from dirty energy companies. But it's a big step in the right direction.
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'Antonio is proud to serve the people of New York,' Delgado campaign spokesman Steven Ileka said. 6 Delgado greets a guest after giving a speech during the NYREC Emerging Leaders and Markets Conference at the Victoria Renaissance Hotel on Friday in New York City. Getty Images Ileka also pointed out that 'Hochul publicly praised Antonio for doing a 'phenomenal job' as recently as July – adding 'the only thing that's changed since then' was Delgado calling on then-President Joe Biden a week later to step down as the Democratic presidential nominee even as Hochul continued to campaign for Biden. 'We understand that challenging the status quo can be hard for some to handle, but New Yorkers deserve better leadership,' Ileka said. However, longtime Democratic consultant Hank Sheinkopf said he believes Delgado has no shot at unseating Hochul, — mostly because too many New Yorkers 'don't even know Delgado's alive.' 'They have no idea what he does, who he is, and where is!' Sheinkopf said. 'He has no presence. The idea that he could be governor is ridiculous.'
