Hochul signs bill that would charge energy companies $75 billion. But critics say customers will actually comply with this order.

Today, New York Governor Kathy Hochul signed into law the Climate Change Superfund Act, which will cost oil and gas companies an estimated $75 billion over the next 25 years. The measure has sparked controversy. Sponsored by Senator Liz Kruger and Assemblyman Jeffrey Dinavitz, it is modeled after federal and state superannuation laws. which collects money from various companies accused of causing pollution

Meanwhile, environmental groups announced the law. Business groups argue that it will increase the cost of doing business in the state. And finally, consumers will have to bear the brunt in terms of higher energy prices.

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Kathy Hochul, Governor of New York (Lev Radin/Pacific Press/LightRocket via Getty Images)

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“The Climate Change Superfund Act is now law,” said Senator Kruger. “Often over the past decade A court has dismissed a lawsuit against the oil and gas industry, saying the issue of climate offenses should be decided by the legislature. New York State Legislature which has the 10th largest economy in the world – has accepted the invitation And hope that we will make it more clear that The world’s biggest climate polluters bear a special responsibility for creating the climate crisis. And they must be paid fairly. Sharing to help regular New Yorkers deal with the aftermath.”

However, critics say the bill is not practical. and argued that it would be subject to a protracted legal challenge.

“What do you want them to do? Fuel is not sold in New York State,” said Ken Pokalski, vice president of the New York State Business Council.

New York State Sen. Liz Krueger, D-Manhattan (Getty)

Business and industry leaders also condemned the measures. “This bill is bad public policy. This raises important operational questions and constitutional concerns. Moreover, the $75 billion price tag will have unintended consequences. and increases costs for households and businesses.”

However, Governor Hochul declared the law a victory for the citizens of the state. It said the funds would be used for climate mitigation efforts.

“This bill would allow the state to recoup $75 billion from major polluters…New Yorkers have been bearing the brunt of the climate crisis for too long. This affects every part of the state.”

The bill will result in significant assessments for both domestic and international energy producers, with Saudi Arabia’s Saudi Aramco likely to face the biggest bill at $640 million per year. Meanwhile, Mexican state-owned Pemex will charge $193 million in annual fees.

Russia’s Lukoil is likely to be charged about $100 million per year.

The assessment is based on estimated annual carbon dioxide emissions. This is measured in millions of tonnes of greenhouse gases.

In total, 38 companies are considered carbon polluters. This includes major American oil companies like Exxon and Chevron. UK companies Shell and BP and Petrobras of Brazil.

Critics of the law also note the potential difficulties in collecting required assessments from foreign companies.

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The bill also involves consumer advocacy groups in terms of how it works alongside other new measures. This has a huge impact on travelers and consumers:

“We also note that this measure comes after the reinstatement of congestion pricing in New York City and before the Department of Environment’s pending `cap and invest’ rule.” Together, this will require billions of dollars in new fossil assessments. Fuel use affects consumers far and wide,” opponents of the bill said.