Oil and gas companies could be on the hook for billions of dollars to compensate for environmental pollution after Gov. Kathy Hochul on Thursday signed the Climate Change Superfund Act, a long-cherished priority for advocates who blame global warming on fossil fuels.

Gov. Kathy Hochul approved a controversial law that will force oil, natural-gas and coal companies to fork over a staggering $75 billion to the state for spewing carbon emissions and contributing to climate change.

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.