financetom
Business
financetom
/
Business
/
New York sued by 22 US states over $75 billion climate superfund
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
New York sued by 22 US states over $75 billion climate superfund
Feb 6, 2025 12:51 PM

*

Republican attorneys general oppose New York 'overreach'

*

Lawsuit says superfund could cost jobs

*

New York says 'corporate polluters' should pay

By Jonathan Stempel

NEW YORK, Feb 6 (Reuters) - New York was sued on

Thursday by 22 other U.S. states over a new law requiring fossil

fuel companies to contribute $75 billion over 25 years into a

fund that will pay for damage caused by climate change.

Led by West Virginia and all with Republican attorneys

general, the 22 states called New York's law a

politically-motivated "overreach" that punishes traditional

energy companies for emitting greenhouse gases many years ago

even though they complied fully with applicable laws.

They said the collection of hefty payouts from coal, oil and

natural gas producers violates the U.S. Constitution and is

preempted by the federal Clean Air Act, and could wipe out

thousands of jobs if producers are forced to shut down.

New York became the second U.S. state to create an

industry-financed "superfund" to address climate change, under a

law signed by Democratic Governor Kathy Hochul on December 26.

Vermont's superfund took effect last July.

"We're not going to allow left-wing states like California,

New York, Vermont to dictate to the American people how they're

going to get their electricity," West Virginia Attorney General

John McCuskey said at a press conference.

"We need to stay ahead of countries like China, India and

Russia as they move forward with their coal and gas-fired power

plants," he added.

The lawsuit names New York Attorney General Letitia James

and two other state regulators as defendants. James' office

declined to comment. The other regulators did not immediately

respond to requests for comment.

A spokesperson for Hochul said the governor "believes

corporate polluters should pay for the wreckage caused by the

climate crisis--not everyday New Yorkers. We look forward to

defending this landmark legislation in court."

West Virginia is second among U.S. states in coal

production, the U.S. Energy Information Administration said.

Other plaintiffs include three coal trade groups and Alpha

Metallurgical Resources ( AMR ), a large coal miner. The lawsuit

is being filed in federal court in Albany, New York, the state's

capital.

New York's law requires fossil fuel companies to contribute

$3 billion annually starting in 2028 to the superfund, divided

based on the amount of greenhouse gases they emitted into the

atmosphere between 2000 and 2018.

The law applies to companies that the state's Department of

Environmental Conservation considers responsible for 1 billion

tons of greenhouse gas emissions during that period.

Money would help build infrastructure such as roads, water

systems and sewage systems to protect communities and coastlines

from weather events such as extreme heat and flooding.

On Dec. 30, the U.S. Chamber of Commerce and the American

Petroleum Institute sued Vermont to block that state's

superfund. That case remains pending.

President Donald Trump, a Republican, won 70% of the West

Virginia vote in November's election.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Trump raises stake in his media firm to nearly 65%
Trump raises stake in his media firm to nearly 65%
Apr 30, 2024
(Reuters) - Donald Trump has raised his stake in the company that operates his social media app Truth Social to nearly 65% as of last week, according to a filing on Tuesday. The former U.S. president and Republican presidential candidate secured 36 million shares of Trump Media & Technology Group ( DJT ) , increasing his stake from 57.6% as...
FDA approves Neurocrine Biosciences' Huntington's disease drug
FDA approves Neurocrine Biosciences' Huntington's disease drug
Apr 30, 2024
April 30 (Reuters) - The U.S. Food and Drug Administration (FDA) has approved granule formulation of Neurocrine Biosciences' ( NBIX ) drug to treat movement disorders associated with Huntington's disease, the company said on Tuesday. ...
OceanaGold Q1 Adjusted Earnings Drop 91% But Says it Remains
OceanaGold Q1 Adjusted Earnings Drop 91% But Says it Remains "On-Track" With FY24 Guidance; Shares Lost 8% Today
Apr 30, 2024
05:30 PM EDT, 04/30/2024 (MT Newswires) -- OceanaGold ( OCANF ) , down 8.3% on Tuesday, after trade reported a 91% drop in adjusted earnings per share in the first quarter but said it is on-track to meet full-year 2024 consolidated production, cost and capital guidance. The company said its adjusted profit, which excludes most one-time items. fell to US$3.7...
Unum Group Q1 Adjusted Operating Earnings, Revenue Rise
Unum Group Q1 Adjusted Operating Earnings, Revenue Rise
Apr 30, 2024
05:32 PM EDT, 04/30/2024 (MT Newswires) -- Unum Group ( UNM ) reported Q1 adjusted operating earnings late Tuesday of $2.12 per diluted share, up from $1.87 a year earlier. Analysts surveyed by Capital IQ expected $1.97. Revenue in the quarter ended March 31 rose to $3.2 billion from $3.04 billion a year earlier. Four analysts surveyed by Capital IQ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved