ALBANY, New York — New York would implement regulations to enact a cap-and-trade style program to limit pollution and raise revenue in 2028 under a proposal advanced by Gov. Kathy Hochul in budget talks.
The latest proposal, according to three people familiar with the negotiations granted anonymity to discuss the ongoing discussions, would keep the binding 2050 emissions reduction target of 85 percent currently in law and establish a more flexible 60 percent reduction by 2040 target. It would effectively moot the litigation from environmental groups that have pushed the state to take more immediate action.
There’s still no final deal on the issue, but the movement from the governor indicates progress continues with the overdue budget. Rank-and-file lawmakers have been briefed on the proposal.
Why it matters: Hochul has said the state needs more time to achieve a near-term target in the 2019 climate law to reduce emissions by 40 percent by 2030. She’s warned of painful costs for households if her administration is forced to implement a program to achieve those cuts — a scenario environmentalists and lawmakers have decried as misleading.
