ALBANY, New York — Democratic Gov. Kathy Hochul plans to propose a sweeping policy to raise funds for climate action in New York by charging polluters for emissions.
Hochul is expected to move ahead with a cap-and-trade program through regulations and in her budget early next year. A portion of the money raised would be returned to consumers via their utility bills to address affordability concerns, according to four people familiar with the details.
Those people were granted anonymity due to the ongoing nature of the administration’s outreach.
If enacted, the “cap and invest” program would be a significant new source of revenue — raising close to a projected $3 billion in the first full year — for climate action in New York. Supporters plan to frame it as a significant step for state-level climate policy in the face of expected federal rollbacks under President Donald Trump.
