A new climate change superfund law in New York state will impose an estimated $75 billion in fees for companies that are the biggest fossil fuel polluters.

New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday. The law is intended to shift some of the recovery and adaptation costs of climate change from individual taxpayers to oil,

A new law looks to establish and support a state fund for infrastructure projects aimed at combating, repairing, or adapting to the effects of climate change.