New York Unveils Cap-and-invest Program Charging Emitters $1 Billion per Year to Reinvest in Emissions Reduction.
Governor of New York, Kathy Hochul, recently announced a cap-and-invest program to fund a sustainable and affordable future for all New Yorkers are part of the 2023 State of the State. This new cap-and-invest program will charge large greenhouse gas emitters and fuel distributors in New York more than $1 Billion per year. The proceeds from this will then be reinvested in emissions reduction initiatives as well as supporting vulnerable communities facing rising energy prices.
"As we work to drive down polluting emissions across the board, we must make sure that those who have already suffered from environmental injustice no longer bear an unfair share of the burden. Our ambitious Cap-and-Invest Program sets a cap on greenhouse gas emissions and shares the revenues with New Yorkers from disadvantaged communities to help cover utility bills, transportation costs and decarbonization efforts. Through our innovative efforts, we will create a cleaner, greener future while helping New Yorkers with the costs of the transition." - Governor Kathy Hochul
Starting immediately, DEC and NYSERDA will deign a program that sets an annual cap on the amount of pollution that is permitted in New York. Every year, this cap amount will be reduced in order to be at 40% reduction by 2023 and 80% reduction by 2050. Kath Hochul outlined that the program will prioritize five core principles:
Affordability - By reinvesting the more than $1billion in cap-and-invest proceeds, the goal is to reduce consumer costs while still supporting decarbonization efforts. It is also outlined, the program will help ensure that potential cap-and-invest costs are predictable and manageable for both consumers and businesses.
Climate Leadership - With this new cap-and-invest program in place its likely that this will catalyze a nationwide movement toward carbon pricing.
Creating Jobs & Preserving Competitiveness - New York's Cap-and-Invest Program will be designed to launch new investment in industries intended to create tens of thousands of good paying, family-sustaining jobs of the future that can lift entire communities.
Investing in Disadvantaged Communities - Under Governor Hochul's leadership, a minimum of 35%, with a goal of 40%, of the benefits of cap-and-invest resources will directly benefit disadvantaged communities, and the program will be designed to ensure pollution burdens are reduced in frontline communities.
Funding a Sustainable Future - Cap-and-Invest will provide funding needed to support achievement of New York's climate goals.
New York State Department of Environmental Conservation Commissioner and Climate Action Council Co-Chair Basil Seggos said,
"Governor Hochul is showing the world that climate action can be ambitious, affordable, and achievable, and I'm proud to work with her and our state's foremost climate experts to advance this comprehensive Cap-and-Invest Program. Through Governor Hochul's leadership, the State is poised to enact a strong and effective tool to combat climate change, improve air quality, spur innovation, protect jobs, and provide the funding needed for our green economy to succeed. DEC looks forward to working with NYSERDA, the Legislature, and New Yorkers across the state to build this essential program which will also prioritize addressing pollution hotspots impacting the health and well-being of the state's disadvantaged communities."
Sources:
https://www.reuters.com/world/asia-pacific/tokyo-makes-solar-panels-mandatory-new-homes-built-after-2025-2022-12-15/
https://www.usnews.com/news/world/articles/2022-12-15/tokyo-makes-solar-panels-mandatory-for-new-homes-built-after-2025
https://www.livemint.com/news/world/solar-panels-mandatory-for-new-homes-after-2025-in-this-japanese-city-11671086565523.html
https://www.euronews.com/green/2022/12/16/no-time-to-waste-tokyo-makes-solar-panels-mandatory-for-nearly-all-new-homes
