The proposed Climate Change Superfund Act ( New York State Senate Bill S2129A) will establish a climate change adaptation cost recovery program, which will be paid into by companies that have contributed significantly to the buildup of greenhouse gases. This money would be used for new or upgraded infrastructure investments needed to adapt to the effects of climate change in New York State.
Some examples include:
- Coastal wetlands restoration
- Storm water drainage system upgrades
- Energy efficient cooling systems in public and private buildings, including schools and public housing
- Support for programs addressing climate-driven public health challenges
- Responses to extreme weather events
According to the bill, the cost to the state of climate adaptation investments through 2050 will easily exceed $150 billion, far more than the $75 billion being assessed on the fossil fuel industry. At least 35%, with a goal of 40% or more of the overall benefits of program spending would go to climate change adaptive infrastructure projects that directly benefit disadvantaged communities.
