Gov. Kathy Hochul of New York on Thursday signed a law that requires companies that are big fossil fuel polluters to help pay to repair damage caused by extreme weather, which is becoming more common because of greenhouse gas emissions.

The legislation, called the Climate Change Superfund Act, mandates that the companies responsible for the bulk of carbon emissions buildup between 2000 and 2024 pay about $3 billion each year for 25 years.