In a signal she may sign on, Gov. Kathy Hochul sent lawmakers proposed changes to a bill that would retroactively charge large fossil fuel companies.
BY MARIE J. FRENCH – December 5, 2024 3:53 pm
ALBANY, New York — Gov. Kathy Hochul proposed tweaks to lawmakers’ most recent signature climate bill earlier this week, opening the door to negotiations.
The bill’s sponsors told POLITICO on Thursday that those tweaks came in the form of chapter amendments circulated by Hochul’s office. It’s a significant step that indicates the governor is considering signing off on the Climate Superfund bill — and it jumpstarts discussions before the end of the year, the deadline for the governor to act on bills passed this session.
“It’s a good sign that the governor’s office is proposing changes as opposed to vetoing the bill,” said Assemblymember Jeff Dinowitz, a Democrat from the Bronx and the bill’s sponsor. “We have a few weeks to figure this out.”
Why it matters: The Climate Superfund measure seeks to raise $75 billion over 25 years from oil giants to fund investments in response to the impacts of climate change. Vermont’s governor signed a similar bill earlier this year.
Because the charges would be based on past sales, proponents of the idea say companies won’t be able to pass costs directly on to consumers. Business groups, including the fossil fuel industry, have urged Hochul to veto the bill and have raised affordability concerns.
Over the past month, bill supporters have revved up their push for Hochul to sign the bill, pointing to the risks President-elect Donald Trump and the incoming Republican Congress pose to environmental action on the national level.
“We know it’s not going to be good when it comes to the environment and climate change,” said Sen. Liz Krueger, a Democrat from Manhattan and sponsor of the bill. “We in New York State have to move forward with dealing with the mitigation of the damage.”
Details: A spokesperson for Hochul declined to comment on the bill negotiations.
Dinowitz said he was still parsing the proposed changes, but generally said they would give the executive branch more authority.
“I do want very much for this to become law, but I don’t want to see the bill eviscerated — I’m not saying that’s what the changes do,” Dinowitz said. “Their proposals are so numerous, like for example they want to spend the money… whenever they decide to spend it. That’s something that gives me concern.”
Both Krueger and Dinowitz said the amendments would extend the covered period of fossil fuel sales for which companies would be charged on a proportional basis. The measure lawmakers passed looked at the 2000 through 2018 time period to allocate costs, while Hochul is proposing 2000 to 2024, Dinowitz said.
The changes also involve giving more time for the Department of Environmental Conservation to implement the program, the lawmakers said. Given the expected litigation, that doesn’t appear to be a dealbreaker.
“That I don’t think upsets me that much,” Krueger said.
What’s next: Democratic lawmakers and the governor have until the end of the year to negotiate changes to the bill, which would be passed during session next year if Hochul signs on.