The state of New York will charge carbon-emitting companies an estimated $75 billion in climate damage they allegedly caused between 2000 and 2018 under a law enacted on Dec. 26.

Adopted by lawmakers in June, the law—which goes into effect in 2028—will annually assess large companies’ carbon emissions across those first 19 years of the 21st century to “repair damage caused by extreme weather” they said aggravated by greenhouse gas emissions.

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