What an idea! Charge companies for climate change, pass on the higher energy costs to consumers, and you can change the Earth’s climate. Win, win!
NY weighs charging oil firms billions of dollars to fuel new climate change fund – Gov. Kathy Hochul will soon decide whether to…
— Marc Morano (@ClimateDepot) August 19, 2024
Gov. Kathy Hochul will soon decide whether to approve a controversial bill that would force oil, natural-gas and coal companies to fork over billions of dollars to the state for contributing to climate change.
Backers liken the plan — the proposed Climate Change Superfund — to the federal Superfund program that has been trying to hold polluters responsible for abandoned toxic-waste sites for decades.
But critics claim that New York’s climate-change version — which passed both the Assembly and Senate in the spring — is unworkable, would only end up costing customers in the long run and will be tied up in the courts for years if approved.
An analysis conducted for bill sponors state Sen. Liz Krueger (D-Manhattan) and Assemblyman Jeffrey Dinowitz (D-Bronx) and obtained by The Post shows foreign-owned and American companies together would pay about $3 billion a year — or $75 billion over 25 years — under the plan.
The oil giant Saudi Aramco of Saudi Arabia could be slapped with the largest annual assessment of any company — $640 million a year — for emitting 31,269 million tons of greenhouse gases from 2000 to 2020.
Aramco — formally known as the Saudi Arabian Oil Co. — is owned by the Saudi Royal family.
The state-owned Mexican oil firm Petróleos Mexicanos, or Pemex, emitted 9,512 tons of CO2 and could face an $193 million assessment for generating 9,512 million tons of greenhouse gases.
Russia’s Lukoil could be assessed with a $100 million yearly fee for spewing 4,912 millions of CO2.
