Bill > A01474

This bill establishes a comprehensive climate change adaptation cost recovery program targeting fossil fuel companies for their historical contribution to greenhouse gas emissions. The legislation creates a $75 billion fund to be collected from responsible parties (defined as fossil fuel extraction and refining entities that have produced over one billion metric tons of greenhouse gas emissions between 2000-2024) to finance climate change adaptation infrastructure projects. The bill requires the Department of Environmental Conservation to develop a statewide climate change adaptation and resilience plan, with a goal of dedicating at least 40% of funds to projects benefiting disadvantaged communities. Key provisions include establishing a strict liability framework for cost recovery, creating a detailed process for identifying responsible parties, mandating public disclosure of fossil fuel extraction and emissions data, and specifying requirements for infrastructure projects funded by the program, such as using American-made iron and steel and ensuring prevailing wage standards. The bill also amends existing laws to facilitate data sharing between tax authorities and environmental agencies, and includes comprehensive provisions for fund management, project selection, and potential payment arrangements for responsible parties. The legislation aims to address climate change adaptation needs by creating a dedicated funding mechanism that places financial responsibility on the fossil fuel industry for historical environmental impacts.

Agriculture and Natural Resources, Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A1474