The heat is on to get Gov. Kathy Hochul to sign a bill called the Climate Change Superfund Act that would make oil and gas companies pay New York for their emissions.

What You Need To Know

  • The state Legislature passed a bill called the Climate Change Superfund Act to make oil companies pay for their emissions

  • The bill aims to raise $75 billion over 25 years

  • The money would cover the cost of projects dealing with the effects of climate change

Under the bill lawmakers passed, New York aims to collect $75 billion over the next 25 years - roughly $3 billion a year. The state Department of Environmental Conservation would identify oil and gas companies responsible for greenhouse gas emissions and investigate how much they should pay the state.

Environmental advocates rallied at Brooklyn Library, which acts as a cooling center during heat waves.

"New York taxpayers foot the bill for billions of dollars to repair infrastructure and safeguard our communities from climate change," Eric Weltman, organizer with Food & Water Watch, said. "Meanwhile, the fossil fuel industry is reaping record profits."

New York City Comptroller Brad Lander rallied with the advocates to support the state legislation. Lander is also a Democratic candidate for mayor.

"Where should the money come from to do the resiliency work that's going to save lives, that's going to protect our communities, that's going to make it possible for us to have a thriving and resilient future?" Lander said. "It's really straightforward - it should come from the folks who have done the damage to our climate."

The money would pay for projects like cooling centers, air conditioning in schools, sewer upgrades and preventing flooding at subway stations.

But it may be a cost that fossil fuel companies pass down to consumers on their utility bills.

"Money is fungible and when we see costs created, people naturally want to pass on those costs we're likely to see it in the form of higher utility bills or companies moving entirely out of New York," Ken Girardin, research director for the Empire Center, said.

Assemblyman Jeffrey Dinowitz, one of the bill's leading sponsors, is confident Hochul will sign it.

"I think she's committed to doing the right thing for the environment and this is to help redress some of the horrible things the fossil fuel companies have done over the years," Dinowitz, a Bronx Democrat, said.

A spokeswoman for the governor said she is reviewing the legislation.