New York Gov. Kathy Hochul signed the Climate Change Superfund Act, requiring fossil fuel companies to contribute $3 billion annually for 25 years to cover climate-related damages. While praised by advocates for shifting costs from taxpayers to polluters, the law still awaits chapter amendments and is expected to face legal challenges.

The new legislation requires oil and gas companies to pay for some of the damages caused by climate change. But legal experts say it's expected to face legal challenges.

The U.S. Chamber of Commerce and the American Petroleum Institute sued the state of Vermont in federal court last week over its Climate Superfund Act. The plaintiffs argue that the law violates both the U.

The Climate Change Superfund Act will collect billions from companies that have extracted fossil fuels in recent years.

The lawsuit asks a state court to prevent Vermont from enforcing the law, which was passed last year.

Business groups say the law seeking payment from oil and gas companies is unconstitutional and would dictate energy policy for the rest of the country.