#NY Budget Lays Groundwork for Cap-and-Invest Plan to Charge Polluters, But Details Are Lacking #Usa #Miami #Nyc #Houston #Uk #Es

#NY Budget Lays Groundwork for Cap-and-Invest Plan to Charge Polluters, But Details Are Lacking #Usa #Miami #Nyc #Houston #Uk #Es

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The bill determines how money generated from the program will be spent but fails to include protective measures for disadvantaged communities, environmentalists warn.

Adi Talwar

Power plants in the South Bronx and (in the background) Queens.

Parts of Cap-and-Invest, a state-wide program that will charge companies for carbon pollution, has made it into New York state’s final budget for the coming year. While the spending bill doesn’t mention it by name, it lays the groundwork for how money generated from the program would be spent going forward.

The language in the bill guarantees that no less than 30 percent of profits will be set aside for a rebate initiative that Gov. Kathy Hochul promised earlier this year would “help cover utility bills, transportation costs, and de-carbonization efforts” for all New Yorkers as the state continues to shift away from the use of fossil fuels to reach its lofty climate goals.

Specifically, 3 percent of the funds will be funneled to reduce “potential increased costs” small businesses face while transitioning to clean energy, while the remaining two-thirds will go to a climate investment fund that would help address climate change mitigation efforts. 





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