New York to fine fossil fuel companies $75 bn under new climate law

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 recently. The law is intended to shift some of the recovery and adaptation costs of climate change from individual taxpayers

Climate law will come with stringent environmental safeguards

Billions of dollars in hydrogen-industry subsidies from president Joe Biden’s signature climate law will come with stringent environmental safeguards, raising concerns that strict rules will stifle production of the nascent climate-friendly fuel. Under the proposed rules laid out last Friday, the new clean-hydrogen tax credit won’t benefit existing nuclear power plants, which is a blow