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NY A10556
Bill
Status
7/6/2022
Primary Sponsor
Jeffrey Dinowitz
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AI Summary
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Establishes a climate change adaptation cost recovery program requiring fossil fuel companies responsible for more than one billion metric tons of greenhouse gas emissions between 2000-2018 to pay into a state fund for climate adaptation infrastructure.
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Sets total cost recovery demands at $30 billion, distributed among responsible parties based on their proportional share of covered greenhouse gas emissions during the covered period.
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Allows responsible parties to either pay the full cost recovery demand by September 30th of the second year after enactment or elect to pay in nine annual installments (20% in first year, 10% annually thereafter).
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Requires that at least 35% of fund expenditures support climate change adaptive infrastructure projects directly benefiting disadvantaged communities, including sea walls, storm drainage upgrades, and air conditioning in public buildings.
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Establishes the climate change adaptation fund as a special revolving fund to receive cost recovery payments and distribute moneys for qualifying infrastructure projects and program administration.
Legislative Description
Establishes the climate change adaptation cost recovery program to require companies that have contributed significantly to the buildup of climate-warming greenhouse gases in the atmosphere to bear a share of the costs of needed infrastructure investments to adapt to climate change; establishes the climate change adaptation fund.
Last Action
referred to environmental conservation
7/6/2022