New York is on the verge of passing the most ambitious climate bill in the U.S. to date, a down payment on a Green New Deal and a warning shot for the fossil fuel industry.

The bill would require the state to source 100 percent of its electricity from clean energy by 2040. But it goes much further than that, requiring an 85 percent reduction in greenhouse gas emissions (below 1990 levels) from all sources by 2050. The remaining 15 percent could come in the form of offsets or carbon capture.