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.

The Climate Change Superfund Act imposes a total of $3 billion a year in fees to the largest oil and gas firms.

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.