Home / Environment / Judge Halts NY's $75B Climate Fee on Oil
Judge Halts NY's $75B Climate Fee on Oil
1 Sep
Summary
- Federal judge blocked New York's $75 billion climate fund law.
- The law, enacted in 2024, was meant to pay for climate change damages.
- The ruling sided with oil companies and industry groups.
A federal judge has halted New York's ambitious climate fund law, enacted in 2024. This measure sought to compel oil companies to contribute $75 billion over a quarter-century to a fund designed to address climate change damages.
Chief U.S. District Judge Brenda Sannes, based in Syracuse, ruled on Monday that the state's law was preempted by federal legislation. She sided with a coalition that included Republican state attorneys general and industry associations, such as the U.S. Chamber of Commerce.
The decision marks a significant setback for the Democratic-led state's efforts to fund climate change mitigation and adaptation strategies through industry contributions.
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