The law would raise $3 billion annually from major carbon polluters, requiring them to pay for climate damage based on their emissions.

New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday. The law is intended to shift some of the recovery and adaptation costs of climate change from individual taxpayers to oil,

New York Gov. Kathy Hochul on Thursday approved the Legislature’s bill requiring major polluters that contributed to global warming to pay $75 billion for repairs from major storms and other remediation resulting from climate change.