NY governor punts on cap-and-trade style climate funding program

By Marie J. French | 01/15/2025 06:09 AM EST

Gov. Kathy Hochul has delayed action on a sweeping program to charge for greenhouse gas emissions.

Kathy Hochul speaks at a press conference.

New York Gov. Kathy Hochul speaks at a press conference on July 31, 2024, in the Bronx borough of New York. Julia Nikhinson/AP

ALBANY, New York — Gov. Kathy Hochul plans to delay action on her signature climate funding program for another year.

Hochul won’t move forward on implementing “cap and invest” this year, despite promising draft regulations last year. Instead, the governor has directed state agencies to develop requirements for companies and polluters to report on their emissions.

The delay suggests the governor is still wary of the potential consumer impacts and political consequences of a charge on emissions, which would raise upfront prices at the pump. But she could face backlash from environmental advocates for the delay.

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State agencies will propose “new reporting regulations by the end of this year to gather information on emissions sources, while creating more space and time for public transparency and a robust investment planning process,” the governor’s State of the State policy book notes.

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