Climate 411

Cut carbon, raise cash: How New York’s cap-and-invest program could invest billions in communities

By / Published: January 25, 2024

In leading climate states, you’ll find trailblazing projects that are benefiting people’s lives and cutting costly pollution right now.

In Washington, young people ride the ferry across Puget sound and buses around the state for free. In California, low-income residents get money-saving home energy efficiency upgrades at no cost. And in New York, businesses and apartments earn major rebates to install EV charging stations — with 4,000 stations installed so far.

These are just a few projects supported by funding from cap-and-invest programs. While limiting and driving down harmful climate pollution, these programs are in turn raising revenue that is re-invested in communities.

As New York develops the rules for its statewide cap-and-invest program — the third such program in the nation — a high-ambition program would give New Yorkers an exciting opportunity to shape and direct billions of potential investments each year for communities. From improving public transportation access to lowering energy bills, the possibilities are endless.

Here are just a few ways that other statewide programs, like California and Washington, are putting their revenues to work, and how New York’s participation in the Regional Greenhouse Gas Initiative (RGGI) is already funding projects around the state — investments that could be significantly expanded and scaled up with a strong statewide cap-and-invest program.

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Posted in California, Carbon Markets, Cities and states, Economics, Energy, Greenhouse Gas Emissions, Health, Jobs, Policy / Comments are closed

New York is developing a cap-and-invest program to cut climate pollution. How would it work?

By / Published: December 15, 2023

As a major next step in achieving New York’s climate targets, Governor Hochul and state agency officials are developing rules for a cap-and-invest program. A bold and equitable program would aggressively cut climate pollution, while supporting and investing in clean and healthy communities around the state.

This rulemaking could be game-changing for New York — and for the nation.

New York would be the third state in the country to put a declining cap — or limit — on emissions across its economy, building on successful models from California and Washington state. And critically, this program is coming together right as new analysis underscores the need for leading states to follow through on their climate commitments and drive national climate progress.

Here’s what to know about how a cap-and-invest program would work in New York as these rules come together.

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Posted in Cities and states, Greenhouse Gas Emissions, News / Comments are closed

New York is poised to elevate its climate leadership with ambitious cap-and-invest program

By / Published: July 24, 2023

This blog was co-authored by Alex DeGolia, Director, U.S. Climate.

As Governor Hochul and her administration advance a major cap-and-invest program, a new EDF analysis on state emissions reveals how New York’s progress stacks up against its climate goals.

New York has done more to move from pledges to policy than most states, but our analysis finds that the state is still projected to face an “emissions gap” in 2030 — the gap between where emissions are headed under existing policy and where New York needs to be to reach its targets. While New York is not alone in facing an emissions gap, the state stands out for the concerted actions New York policymakers are taking to close this gap.

After finalizing New York’s climate plan late last year, Governor Hochul, state agency officials — led by the Department of Environmental Conservation (DEC) and NYS Energy Research and Development Authority (NYSERDA) — and New York legislators are diving in and actively working to implement the plan’s recommendations. Notable among these is the development of a cap-and-invest program — a policy that can serve as a critical emissions backstop, offering maximum certainty that New York will reach its climate targets. Just as importantly, the Administration has expressed its commitment to put equity, job creation, and affordability at the center of the program — and it must deliver on this commitment as the program advances.

This is exactly the type of action that other states serious about reaching their climate goals should be taking.

Here’s what to know about the analysis and New York’s climate policy leadership.

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Posted in Carbon Markets, Cities and states, Economics, Energy, Greenhouse Gas Emissions, Health, Policy, Science / Read 1 Response