NY S09417

Establishes a climate change adaptation cost recovery program requiring fossil fuel companies to pay into a fund based on their proportional greenhouse gas emissions from 2000-2018, with no finding of wrongdoing required under strict liability standards.

Sets a total cost recovery demand of $30 billion to be allocated among responsible parties (those with over 1 billion metric tons of covered emissions) proportional to their share of total covered greenhouse gas emissions.

Creates the climate change adaptation fund to receive cost recovery payments and finance infrastructure projects that avoid, moderate, or repair climate change damage, including sea walls, storm drainage systems, HVAC upgrades in public buildings, and flood resilience improvements.

Requires at least 35% of program spending to directly benefit disadvantaged communities and directs the Department of Environmental Conservation to promulgate regulations within one year of enactment.

Allows responsible parties to pay the cost recovery demand in full by September 30 of the second calendar year following enactment, or elect to pay in nine annual installments (20% first year, 10% each subsequent year).