Hochul’s ‘Cap-and-Invest’ Climate Plan Stirs Skepticism From Environmentalists & Polluters Alike
By Mariana Simões, City Limits
Last week, Gov. Kathy Hochul released an outline of a Cap-and-Invest program that will put a price on carbon emissions and include a groundbreaking rebate program. It promises to be the first in the country to funnel $1 billion in revenues earned from selling carbon credits into the pockets of locals.
Companies that generate emissions, however, speculate that it will be bad for business and drive up costs for consumers. Meanwhile, environmentalists remain skeptical that the program will deliver on its promise to help New Yorkers bearing the brunt of pollution, especially in marginalized communities.
The Cap-and-Invest program establishes a limit on how much companies can pollute. The cap will get stricter over time until New York’s emissions are brought down by at least 85 percent by 2050, in accordance with the state’s climate law. At last week’s State of the State address, Hochul introduced the program and explained that big emitters will also have to purchase permits to sell polluting fuels.