Bill > S02129

This bill establishes the Climate Change Adaptation Cost Recovery Program, which will require companies that have contributed significantly to the buildup of climate-warming greenhouse gases in the atmosphere to pay a share of the costs of needed infrastructure investments to adapt to climate change in New York State. The program will be administered by the Department of Environmental Conservation and funded through cost recovery demands imposed on responsible parties, defined as companies that have released over 1 billion tons of greenhouse gas emissions during the covered period of 2000-2018. The funds collected will be deposited into a new Climate Change Adaptation Fund and used to support climate change adaptive infrastructure projects, with a goal of allocating at least 40% of the funds to projects that benefit disadvantaged communities. The bill also includes labor and job standards requirements for projects funded through the program, including prevailing wage requirements and provisions to promote local hiring and workforce development.

Agriculture and Natural Resources, Budget and Finance

https://www.nysenate.gov/legislation/bills/2023/S2129