New York Gov. Kathy Hochul (D) on Thursday signed a law that will require companies responsible for large amounts of planet-warming pollution to contribute to climate damage repair efforts. Under the new state law,

The measure will seek to raise funds to pay for some of the damage caused by extreme weather events, which are becoming more frequent because of the combustion of fossil fuels.

Kathy Hochul signed a law on Thursday that requires fossil fuel companies to pay billions for their role in the climate crisis. The move makes New York the second state in the U.S. to hold oil manufacturers accountable for supporting projects that protect against the damages of floods,