A new law looks to establish and support a state fund for infrastructure projects aimed at combating, repairing, or adapting to the effects of climate change.

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.

New York Gov. Kathy Hochul (D) on Thursday signed a law that will require companies responsible for large amounts of planet-warming pollution to contribute to climate damage repair efforts. Under the new state law,

Gov. Kathy Hochul signed a law on Thursday that requires fossil fuel companies to pay billions for their role in the climate crisis. The move makes New York the second state in the U.S. to hold oil manufacturers accountable for supporting projects that protect against the damages of floods, hurricanes and other climate disasters.

The measure will seek to raise funds to pay for some of the damage caused by extreme weather events, which are becoming more frequent because of the combustion of fossil fuels.

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.

Large fossil fuel companies would have to pay fees to help New York fight the effects of climate change under a bill signed by Democratic Gov. Kathy Hochul.