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New York Holds Big Oil Accountable: $75 Billion Fines Under New Climate Law

In a landmark move, New York state has enacted a law that will levy $75 billion in fines on fossil fuel companies over the next 25 years. Signed by Governor Kathy Hochul on Thursday, the legislation aims to hold oil, gas, and coal companies financially accountable for their role in contributing to climate change.

The law shifts the financial burden of climate adaptation and recovery away from taxpayers, placing it squarely on industries deemed responsible for environmental harm. The funds will support efforts to mitigate climate impacts, including fortifying roads, upgrading transit systems, improving water and sewage infrastructure, and reinforcing buildings and other critical facilities.

“New York has sent a resounding message: those most responsible for the climate crisis will face consequences,” stated Senator Liz Krueger, a Democrat and co-sponsor of the bill.

Fossil fuel companies will be fined based on their greenhouse gas emissions between 2000 and 2018. Starting in 2028, these payments will be directed to a newly established Climate Superfund. The law applies to companies identified by New York’s Department of Environmental Conservation as having contributed more than 1 billion tons of global greenhouse gas emissions during the specified period.

This legislation makes New York the second state to adopt such a measure, following Vermont’s lead earlier this year. Both laws draw inspiration from state and federal superfund regulations that compel polluters to fund the cleanup of toxic waste.

According to Krueger, New York will face over $500 billion in climate-related damages and adaptation costs by 2050. She noted that major oil companies, which have collectively generated more than $1 trillion in profits since early 2021, have been aware of fossil fuels’ environmental impact since the 1970s.

Legal challenges are expected, with energy companies likely to argue that the law conflicts with federal regulations governing polluters and energy providers.

This bold legislation marks a significant shift in the financial accountability of climate change, potentially setting a precedent for other states and nations.

Europe’s Deadly Summer Heat Exposed The Cost Of A Warming Continent

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.

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