Why the sun is about to set on the oil industry⁠

New York State has enacted a law requiring oil companies to contribute billions of dollars to a Climate Superfund to address climate change-related damages. This legislation, potentially establishing a precedent for other states and countries, calculates contributions based on companies' historical emissions. The oil industry opposes the law, viewing it as a punitive tax, and is considering legal action. The law's success hinges on whether courts uphold the "polluter pays" principle, potentially ushering in a new era where fossil fuel companies face significant financial consequences for their environmental impact. The article explores the potential implications of this landmark legislation. This article is also available in English on my Medium page, «Why the sun is about to set on the oil industry«

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