Op-Ed: Cap and Invest — Not Enough Nor Soon Enough
By Michael Richardson, Rivers & Mountains GreenFaith, Chatham, New York
New York State legislators must invest now, not later, in our children’s future and planet Earth.
On Feb. 1, Governor Hochul released the 2023-2024 Executive Budget Proposal which included a commitment to a “cap and invest pro- gram” that could raise billions of dollars to support healthy home upgrades and help those New Yorkers hit hardest by high electric bills.
These types of investments are what New Yorkers need, but state leaders cannot be satisfied with half-measures. To note, it will take at least two years - that is 2025 - to roll out the “cap and invest” system with the cap in place, regulations being implemented, and permits being issued/sold/ auctioned. Hence, it will be 2026 before we start to see reductions in climate warming greenhouse gas emissions from oil and gas power plants.
New York State legislators must be bold to meet the moment with multi-billion- dollar programs - funded by polluting corporations and the ultra-wealthy in addition to cap and invest - so as to protect our families in the face of an advancing existential threat.
To mitigate and adapt to ongoing climate disruption - a problem that, as the Governor says, risks the lives of our children, grandchildren and our planet - the State energy agency NYSERDA has estimated a minimum investment of $10 billion annually with increases every year. Such is the high cost of transitioning the entire NYS economy currently based on fossil fuel over to clean, renewable energy - which will also require training for tens of thousands of new union jobs.
In closing, a shout-out to Senator Michelle Hinchey for sponsoring the All-Electric Building Act (S562) which modernizes building codes to require new buildings to be all-electric and highly efficient - starting in 2024 with buildings under seven stories and by 2027 for larger buildings. The average new single-family home built in New York under this law would cost approximately $904 less per year when compared to a fossil-fueled building.