Bill > S00824

This bill establishes a comprehensive climate change adaptation cost recovery program targeting fossil fuel companies to fund infrastructure projects addressing climate change impacts. The program requires responsible parties (fossil fuel businesses that extracted or refined over one billion tons of greenhouse gas emissions between 2000-2024) to pay a total of $75 billion into a climate change adaptation fund. The fund will support infrastructure projects designed to help communities adapt to climate change, such as upgrading storm water systems, protecting coastal areas, improving transportation infrastructure, and addressing health impacts. Key provisions include requiring these companies to pay based on their historical greenhouse gas emissions, with a strict liability standard that does not require proving wrongdoing. The bill mandates that at least 35-40% of expenditures benefit disadvantaged communities, requires public transparency about fund usage, and establishes a statewide climate change adaptation plan to guide project selection. Additionally, the bill includes labor requirements for projects funded by the program, such as prevailing wage standards and labor peace agreements, and ensures that iron and steel used in these projects are primarily produced in the United States. The legislation aims to help New York proactively address climate change impacts while holding major fossil fuel producers financially responsible for their historical contributions to greenhouse gas emissions.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S824