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,

The law would raise $3 billion annually from major carbon polluters, requiring them to pay for climate damage based on their emissions.

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.