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New York's Climate 'Superfund' Is Costly, Arbitrary, and Unconstitutional


Published on 2024-12-30 12:20:38 - MSN
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  • New York Gov. Kathy Hochul signed the Climate Change Superfund Act on Thursday. The law would address climate change by imposing a huge tax on fossil fuel companies
  • they will collectively owe an estimated $3 billion annually
  • for 25 years,

The article from MSN discusses the controversy surrounding New York's Climate Superfund Act, which was signed into law by Governor Kathy Hochul. This legislation mandates that oil and gas companies fund a $75 billion initiative to address climate change impacts in New York, based on their historical contributions to greenhouse gas emissions. Critics argue that the law is unconstitutional, arbitrary, and excessively costly. They contend that it unfairly targets energy companies, potentially leading to higher energy prices for consumers and businesses, and could deter investment in the state. The law's approach to retroactively penalize companies for past emissions is seen as problematic, with potential legal challenges expected on the grounds of violating due process and other constitutional rights. Furthermore, the method of calculating each company's liability is criticized for its lack of transparency and fairness.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/new-york-s-climate-superfund-is-costly-arbitrary-and-unconstitutional/ar-AA1wIebb ]