West Virginia Attorney General JB McCuskey has issued a stark warning about the potential economic consequences of New York’s recent climate legislation. The law, signed by Governor Kathy Hochul, could impose up to $75 billion in liabilities on major fossil fuel companies, compelling them to contribute to a state ‘climate super-fund’ based on their emissions. McCuskey stated this would be ‘catastrophic’ not only for the economies of West Virginia, Kentucky, and Pennsylvania but also for the national economy. He emphasized that without reliable, inexpensive electricity, energy bills nationwide are likely to skyrocket, impacting everyday consumers.
McCuskey criticized the ‘irony’ of Manhattan residents pushing for climate action while relying on coal and steel from Pennsylvania and West Virginia to build their city. He noted that the law could harm various sectors beyond just energy, including commodities and transportation. Hochul defended the law, arguing that it is a necessary step to address the environmental and health impacts of climate change and to invest in infrastructure.
McCuskey also mentioned that similar laws are being pursued in states like Illinois, Massachusetts, and California, adding that the ‘lawfare’ could financially cripple energy companies. Meanwhile, Vermont’s version of the law, enacted without a cap, is also under legal scrutiny. Energy companies, including Chevron, which recently faced a significant lawsuit in Louisiana, are expected to resist these legal challenges. Despite partisan divides, the threat to the energy industry has garnered bipartisan concern in states like West Virginia, where coal remains a key economic sector.