- Governor Kathy Hochul announced a Cap-and-Invest Program to fund a sustainable and affordable future for all New Yorkers and will propose legislation to create a universal Climate Action Rebate.
- New York’s Cap-and-Invest Program will help people who have already suffered from environmental injustice pay for utility bills, transportation costs, and decarbonization efforts.
- New York is undertaking a comprehensive effort to address climate change by investing in clean energy and supporting vulnerable communities.
- New York’s cap-and-invest program will draw from the experience of similar and successful programs across the country and around the world that have helped reduce greenhouse gas emissions and catalyse the clean energy economy.
By: NYSERDA | January 11, 2023
Governor Kathy Hochul today announced a Cap-and-Invest Program to fund a sustainable and affordable future for all New Yorkers as part of the 2023 State of the State. Governor Hochul directed the Department of Environmental Conservation and the New York State Energy Research and Development Authority to advance an economywide Cap-and-Invest Program that establishes a declining cap on greenhouse gas emissions, invests in programs that drive emissions reductions in an equitable manner prioritizing disadvantaged communities, limits costs to economically vulnerable households, and maintains the competitiveness of New York industries. In addition, Governor Hochul will propose legislation to create a universal Climate Action Rebate that is expected to drive more than $1 billion in future cap-and-invest proceeds to New Yorkers every year…
Beginning immediately, DEC and NYSERDA will design a program that sets an annual cap on the amount of pollution that is permitted to be emitted in New York, as recommended in the recently finalized Climate Action Council Scoping Plan. Every year, the emissions cap will be reduced, setting the State on a trajectory to meet our Climate Act requirements of 40 percent in emissions by 2030, and at least 85 percent reduction from 1990 levels by 2050. At Governor Hochul’s direction, the program design will prioritize five core principles: Affordability, Climate Leadership, Creating Jobs and Preserving Competitiveness, Investing in Disadvantaged Communities, and Funding a Sustainable Future…
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