The Climate Change Superfund Act (CCSA), signed by Governor Kathy Hochul in New York, is a groundbreaking climate legislation that compels fossil fuel companies to take financial responsibility for the impacts of climate change. Calling it a 'climate Superfund,' the act is inspired by the Superfund program established in the 1980s. Importantly, unlike the Superfund program that addressed localized site cleanup, the CCSA targets corporate profits across the board, earmarking approximately $3 billion annually for climate disaster mitigation over the next 25 years, responding to growing climate-related emergencies demonstrated by recent wildfires in California.
The CCSA marks a significant step in climate legislation, holding fossil fuel industries accountable for their contributions to climate change and spreading cleanup costs to those companies.
New York's CCSA, inspired by the Superfund program, requires major polluters to contribute to a fund aimed at tackling climate-related disasters, generating about $3 billion annually.
This legislation is designed to curb the long-standing practice of the oil industry to privatize profits while externalizing costs associated with environmental degradation.
Environmental advocates view the CCSA as a template for nationwide action, as significant funding will be vital for climate mitigation and disaster relief in the future.
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