ADVOCATES AND ELECTEDS TO GOV. HOCHUL: MAKE "GREEDY" OIL COMPANIES PAY FOR CLIMATE DAMAGES!

Groups urge support for "Climate Change Superfund Act" to charge oil companies $75 billion without costs being passed onto consumers; Newly Released Poll shows 73% of NYers Support for Making Climate Polluters Pay for Climate Damages

ALBANY, NY (01/19/2023) (readMedia)-- Standing in the shadow of a giant inflatable pig, a coalition of environmental groups and lawmakers called on Governor Hochul to make the world's largest oil companies pay for the staggering infrastructure costs of dealing with climate change. The groups estimated that those costs could total $100 billion in New York over the next decade, with more expenses as the world's climate worsens.

The groups released a poll showing overwhelming public support for a plan that makes climate polluters – not taxpayers – pick up the tab for climate damages. The groups also released an analysis from the think tank Institute for Policy Integrity at NYU Law that makes the case that charging Big Oil would not lead to higher consumer prices. At the event, the groups called on Governor Hochul to include the "Climate Change Superfund Act" as part of her soon-to-be-released executive budget.

The groups made their call ahead of the NYS Senate hearing on implementing the Climate Action Council Final Scoping Plan, the recently released blueprint for meeting the state's science-based climate goals.

Watch the presser here.

The Climate Change Superfund Act (S2129 Krueger/A10556 Dinowitz, 2022) is a first-in-the-nation bill that would require the fossil fuel companies most responsible for climate change to pay into a $75 billion superfund, proportional to their contributions to the scorching planet. In support of the groundbreaking legislation, consumer advocate Ralph Nader said:

"Giant greedy fossil fuel companies have for decades knowingly profiteered and profited from the clear and present threat posed by the climate crisis. Now they are, as is their want, gouging consumers while raking in such record profits that ExxonMobil is buying back $50 billion of its stock. The disaster of climate catastrophe is of their making. They knew of the dangers, and instead of alerting the world, they did everything they could to cover up the approaching devastation.

Now it's time to make them pay for accelerating climate violence, causing more severe and deadly storms, wildfires, and flooding and sticking taxpayers with the bill. Instead of allowing them to keep their record profits, they should pay for the disaster that they caused. New York can lead the nation by putting the cost burden for the climate disaster on the corporations who caused it, not the people."

Climate change resiliency measures are uniquely necessary - and expensive - in New York. A recent report from Rebuild by Design gives a county-by-county breakdown of storm recovery risk and costs across New York State. In a separate report, the group estimated that the climate costs to New York could be $55 billion by the end of this decade. Furthermore, the U.S. Army Corps of Engineers estimated that it would cost $52 billion to protect NY Harbor alone. And while storms get worse, sea levels are rising and groundwater poses a higher risk of flooding - and we don't even know how much yet. Clearly, New York is facing staggering – and growing – climate costs.

"The last eight years were the hottest on record, full of extreme and deadly weather. While we're forced to live with the consequences of greedy polluting pigs who knew exactly what they were doing, we're forced to pay for it too. The state's finances will be left in shambles if we don't put those responsible - who can certainly afford it after 2022 was their most profitable year ever - on the hook. Governor Hochul: lead the nation and make polluters pay!" said Blair Horner, Executive Director of NYPIRG.

In the third quarter of 2022, Exxon Mobil reported its highest earnings ever, and both Chevron and Shell reported their second highest. Fourth quarter numbers are expected to also be record-breaking. Simply: Big oil companies can afford to pay into a Climate Superfund.

The New York Times recently reported that starting in the 1970s, scientists working for Exxon made "remarkably accurate projections of just how much burning fossil fuels would warm the planet." Yet for years, "the oil giant publicly cast doubt on climate science, and cautioned against any drastic move away from burning fossil fuels, the main driver of climate change."

Current research shows that climate change has made deadly storms more frequent and at least 10% stronger. In September 2021, Hurricane Ida killed at least 43 New Yorkers and surrounding states. In 2011, Hurricane Irene killed 5. Superstorm Sandy killed 48 in 2012. But it's not just severe storms taking New Yorker's lives – according to a new study from the American Heart Association, extremely cold weather increases the risk of heart failure by 37 percent. Extreme heat increases risk of heart failure by 12 percent.

"Climate polluters have spent decades emitting harmful greenhouse gases without paying a dime to mitigate the damage they are doing. It's time for that to change. Taxpayers should not be on the hook for the costs of corporate greed, and we must enact the Climate Change Superfund Act in order to make polluters pay for their destruction," said Assemblyman Jeffrey Dinowitz.

"In the next several decades, New York State will need to see tens of billions of dollars in infrastructure investments to protect New Yorkers from the baked-in impacts of climate change. Someone is going to have to pay those costs - the question is whether it should be regular New Yorkers, or the companies who profited from creating the problem in the first place. The Climate Change Superfund Act reflects a simple maxim: if you make a mess, you clean it up. It's time for the world's worst polluters to be held accountable," said Senator Liz Krueger.

"The Scoping Plan is the people's plan because it was driven and influenced by activists and community members from across the State. One thing is crystal clear- New York must make polluters pay and shut them down - not allow them to pay to pollute. Period. We must shut down those who are responsible for both the climate crisis and disease and death in frontline communities - and use those funds to protect the people and environment of New York," said Raya Salter, Member, NYS Climate Action Council and Founder and Executive Director, Energy Justice Law & Policy Center.

"The Climate Change Superfund Act would make the state's worst polluters-major fossil fuel corporations-pay for the pollution they've spewed into our communities, poisoning our air and water, damaging our lungs and bodies, and ultimately, taking lives. The Act will redirect some of the oil and gas exorbitant profits and use them for climate adaptation costs that would otherwise fall on state taxpayers. There's no reason that the people suffering from the worst health effects of the climate crisis should also bear the costs. Polluters must pay," said Stephan Edel, NY Renews

Background

The Climate Change Superfund Act requires companies most responsible for greenhouse gas emissions to pay a total of $75 billion over ten years for the environmental damage they have done. The funds allow New Yorkers to invest in massive and life-saving infrastructure improvements, upgrade stormwater drainage and sewage treatment systems, prepare the power grid for severe weather, create systems to protect people from extreme heat, and respond to environmental and public health threats.

In December, 200+ groups including NYPIRG, WE ACT, Food & Water Watch, and League of Women Voters NYS sent a letter to Governor Hochul urging her to include the Climate Change Superfund Act in the executive budget. In their letter, the groups wrote that the fossil fuel industry should be subject to the state's climate costs since their "decisions led to global warming; justice requires that they-not New York's other taxpayers-be financially responsible for the tragically enormous climate crisis impacts that they created."