Another summer of heat, wildfires, polluted air, storms, and floods.  Another year that looks like it will be the hottest ever.  Another year of increasing climate-related dangers.

It also looks like one of the most profitable years for Big Oil.

A review of profit data shows Big Oil companies like Saudi Aramco, ExxonMobil, Shell and Chevron, have made an astounding$119 billion through the middle of this year, averaging $10 billion in profits each month.  From the beginning of 2021 through June 30, 2024, Big Oil’s profits were nearly a whopping $1 trillion – and have likely exceeded that amount as of today.

While these companies continue to rake in money hand over fist, the world suffers with the consequences.  It was, after all, the oil industry’s scientists that long knew of the mounting dangers from the burning of oil, coal, and gas.  Starting in the 1970s, scientists working for Exxon made “remarkably accurate projections of just how much burning fossil fuels would warm the planet.”  Yet for years, “the oil giant publicly cast doubt on climate science, and cautioned against any drastic move away from burning fossil fuels, the main driver of climate change.”  Yet instead of warning the world, those companies entered into a half-century campaign of deception designed to stymie environmental measures that could have minimized the risk.

A recent German government-backed study estimated that by the year 2050, the cost to the world from climate-related damage could be as much as $38 trillion, per year.  There can be no doubt that societies around the world will suffer both in human terms as well as financial.

Here in New York, the estimates of climate damages are staggering.  The U.S. Army Corps of Engineers estimates that it will cost $52 billion just to protect NY Harbor.  On top of that, the state needs $75-$100 billion to protect Long Island, and $55 billion for climate costs across the rest of the state.  The state Comptroller has predicted that more than half of local governments’ costs will be attributable to the climate crisis.  Last year’s climate damages cost New Yorkers more than $2 billion and those costs will only go up.  By the middle of this century, New Yorkers may have to spend $10 billion annually to cover climate costs.  That’s less money for health care, education, and programs for the needy.

So, what to do?  The world’s expert climate scientists argue that ending reliance on oil, coal, and gas as quickly as possible is a must.  According to the world’s climate experts, renewables and energy efficiency are the unquestionable pillars of the decarbonization of energy, starting with the electricity sector, which must achieve net-zero emissions between 2045 and 2055 globally.  New York has adopted a climate law guided by experts, setting a goal of net-zero greenhouse gas emissions by 2050.

Notwithstanding that legal requirement, a lack of political will has undermined New York’s progress.  According to a recent study, despite the fact that New York’s law has been on the books for five years, “the state’s largest and most powerful agencies have failed to comply with the Climate Act and have not yet issued policies or guidance on implementation of the law.”

The opponents of the climate law have seized on the failure of the government to follow the law by contending that the law was too ambitious, despite its reliance on the best science.  They are arguing that the law must be weakened.  Instead, New York should double-down on meeting its climate goals, not turning its back on them.

When it comes to costs, there has been a lot of rhetoric, but so far too little action to help curb the rising impacts of meeting the climate goals on taxpayers.  Depending on what Governor Hochul does, that may soon change.

In the waning hours of the 2024 Legislative Session, the state Assembly passed the Climate Change Superfund Act by a vote of 92-49.  The Senate passed it 43-17 earlier in the session, for the second time.

The Climate Change Superfund Act is modeled on the existing State and Federal Superfund law (which requires polluters to fund toxic waste dump cleanups) by making Big Oil climate polluters financially responsible for the environmental damages that they have caused.  The top Big Oil companies will be required to pay a combined $3 billion annually, every year for 25 years.  These costs won’t fall back on consumers, according to economists and an analysis from the think tank Institute for Policy Integrity at NYU School of Law.

The Climate Change Superfund Act isn’t just necessary – it’s popular.  According to a poll from Data for Progress, a whopping 89% of New Yorkers support fossil fuel companies covering at least some of the cost for climate damages.  Over 400 community, environmental, labor, religious, and youth groups supported the legislation, and it is backed by the NYS Association of Counties, NY Conference of Mayors and 100 local New York elected officials.

New Yorkers can now see a trillion reasons why Big Oil should pay.  Time will tell if Governor Hochul sees it, too.