At the very end of session in June, the New York state Legislature passed a consequential climate bill called the Climate Change Superfund Act. The bill is awaiting Gov. Kathy Hochul's signature or veto, and it’s not clear at this point what she will do.

But a new report indicates that, over time, the law could save New Yorkers $825 billion in climate disaster expenses.  

The Superfund bill is modeled on the existing Superfund law which requires polluters to pay for the clean-up of toxic sites. This legislation would make climate polluters financially responsible for the environmental damages that they have cause; in the case of New York, top oil companies would be required to pay a combined $3 billion annually, for 25 years. 

One of the co-authors of the bill, Senate Finance Chair Liz Krueger spoke with Capital Tonight host Susan Arbetter about the study, the bill and New York’s efforts to combat climate change.