Analysis shows urgent climate action would have significant economic benefits for NYS
***FOR IMMEDIATE RELEASE***: October 19, 2021
Contact: Arielle Swernoff | (646) 450-5461 | arielle@nyrenews.org
Web: @NYRenews | www.nyrenews.org
Analysis shows urgent climate action would have significant economic benefits for NYS
NY Renews, the coalition of nearly 300 climate, justice, community, faith and labor organizations released the following statement about NYSERDA's cost-benefit analysis of implementing NY's climate law, which was presented to the Climate Action Council last week:
“The recently released cost-benefit analysis of the state climate law confirms what advocates have been saying for years: urgent action on climate has tremendous benefits, to the tune of hundreds of billions of dollars for the economy and thousands of lives saved.
The Climate Action Council estimates that the cost of inaction exceeds the cost of action by more than $80 billion dollars, and a scenario in which New York transitions rapidly to renewable energy without reliance on false solutions could yield $150 billion in net benefits. We believe these estimates are likely conservative, as many important factors of the transition, including job creation and climate resiliency, have not yet been taken into account. In fact, New Yorkers could see close to two dollars in benefits for every one dollar spent — a tremendous return on investment.
The CAC analysis also made clear that a path forward that does not rely on false solutions is cheaper and healthier for New Yorkers. Proponents of false solutions, which include creative ways to continue to burn garbage and other waste products and/or hydrogen for energy, tend to overestimate their affordability and potential for emissions reductions, while downplaying the impact these combustion-based technologies have on frontline environmental justice communities.
Finally, the Climate Action Council estimated that it will take, to start, $10 billion in investments per year to achieve New York’s climate goals. Luckily, the state legislature has before it a bill that will raise $10-$15 billion per year for the climate, jobs, and justice investments our state news: the Climate and Community Investment Act. New York took a major step in enshrining our climate and equity mandates into law. Now, it’s time to make those promises real by putting our money where our mouth is and passing the CCIA.”
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