The state is making companies pay up for pollution they cause.
The Climate Change Superfund Act requires companies that are big fossil fuel polluters to repair the damage caused by extreme weather.
The law is modeled after a federal measure.
Governor Hochul says it targets the institutions responsible for the majority of carbon emissions that have accumulated since 2000, with the companies paying three billion dollars each year for 25 years.
New York is the second state behind Vermont in enacting this kind of measure.
The law could still face legal action by opponents, but Governor Hochul says companies must pay their fair share to help regular New Yorkers deal with the consequences of the climate crisis.