r/climatechange • u/METALLIFE0917 • 1d ago
New York to fine fossil fuel companies $75 billion under new climate law
https://finance.yahoo.com/news/york-fine-fossil-fuel-companies-200119198.html18
u/Humans_Suck- 1d ago
That's it?
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u/Umbrae_ex_Machina 1d ago
Just imagine if every jurisdiction did this
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u/Tricky_Lab_5170 7h ago
That’s the idea! Proud New Yorker here, start lobbying for similar legislation. We all need it on the municipal level to keep up with repairs.
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u/MrYamaTani 1d ago
I am curious how well it will stand up to legal challenges, but if it does, it would be great for more than 2 cm states to pass such laws. $75 billion over 25 years is a drop in the bucket towards the profits they are raking in.
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u/ballskindrapes 1d ago
Supreme court will just wipe it away using bull crap reasoning that serves their corporate masters the best.
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u/exiledinruin 1d ago
can they even get involved if it's a state law?
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u/ballskindrapes 1d ago
This is going to get challenged, absolutely, and will get run up to the Supreme Court if possible.
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u/exiledinruin 1d ago
sure but it ends at the state supreme court. there's no reason a state law would go to the federal supreme court
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u/Tricky_Lab_5170 7h ago
I got to help out in fighting for it. It’s around .5% of the companies including the lawsuit’s profits. That’s it.
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u/AceMcLoud27 1d ago
It's time to hold them criminally accountable.
They sold a faulty product (direct pollution and CO2).
They knew it was faulty (by their own research and worldwide scientific consensus).
They tried to cover up the fact it was faulty (by spending billions on misinformation and lobbying).
In any other industry those responsible would go to jail.
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u/59footer 1d ago
Well, so much for lower gas prices.
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u/Betanumerus 1d ago
When you don’t buy any it doesn’t matter.
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u/JaySierra86 1d ago
Do you buy tires for your vehicle?
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u/Betanumerus 19h ago
Tires aren’t fuel. Focus pal, focus.
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u/Therustedtinman 12h ago
It’s a petroleum product….
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u/Betanumerus 11h ago
Wait let me check … title says FUEL not petroleum. You should learn to tell the difference …
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u/MiddleEnvironment556 1d ago
Good. Then people will see that Trump isn’t some messiah who’ll lower everyone’s gas and grocery prices
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u/Phssthp0kThePak 1d ago
Why can’t we just focus on decarbonizing the grid until we get that done? Fines on inelastic expenses is just politicians stealing our money to use for paying off their friends.
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u/Hamblin113 1d ago
Interesting, wouldn’t be interesting if all the fossil fuel companies pull out of the state, and not pay the fine. Though it is back dated so theoretically they have to pay. Guess they could get the state to prove the damage was from their fuel. Always wonder how this will benefit the state, how much of the money walks away without accomplishment, or triple charged with pockets full.
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u/Designer-Welder3939 1d ago
Hahahaha! Taxing fossil fuels companies? Hahahahaha! In New York? Hahahahaha!
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u/Commercial-Emu3245 21h ago
Zero chance this will happen under the Trump administration. Kathy Hochul will probably in jail by 2028 due to her gross mismanagement as govenor.
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u/bezerko888 14h ago
The government will shove in taxpayers' money to subsidise these criminal companies. The great pludering of taxpayers money.
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u/redditorannonimus 8h ago
So fucking dumb. Money doesn’t solve climate change. They’ll probably use the money for some dumb idea like the current garbage can law in NYC. For one, renewable sources just move the polluting portion elsewhere. Second, the renewable output is not enough for the demand- we’d need a lot more solar or wind (wind also doesn’t offset the pollution it takes to build during the windmill’s lifetime).
I’m not saying drill baby drill, I’m saying let’s be sensible and have common sense. Right now all the environmentalists are asking the common guy to make sacrifices but don’t mention all the private jets of the elites. They will have us eating cricket paste while the 1% eats Kobe beef. There are a few million heads of cattle in the US right now and their farts ‘cause’ global warming but no one is talking about the tens of million bison that lived here and they didn’t cause any global warming… food for thought
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u/monster_like_haiku 1d ago
LOL, without fossil fuel, there is no running water, light, and pretty much every modern day life and NO NY metro. NY actually need to give trillions to the fossil companies.
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u/jons3y13 1d ago
Don't confuse them, they won't understand that panels and wind can't supply enough kwh
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u/tinbirdman 16h ago
Has to be one of the greatest stupid ideas ever, as bad as voting for obama or biden
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u/No_cash69420 1d ago
I hope that they all pull their business out of NY, hope you guys have wood burners and plenty of wood to heat your houses.
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u/Bill__7671 18h ago
How and on what grounds? It’s arbitrary and capricious no legal ground to stand on!
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u/shivaswrath 1d ago
Can cali join!?