Get transparency on the costs to enact NY’s Climate Act.

In a recent letter to the editor, concerns were raised about the implementation of New York’s Climate Act and the potential costs associated with it. Governor Kathy Hochul’s decision to halt the NYC congestion pricing plan was justified as an effort to prevent making it more expensive for New Yorkers to live in the state. However, the rollout of the New York Cap-and-Invest (NYCI) Program, a tax on carbon aimed at funding Climate Act decarbonization projects, raises questions about the financial impact on consumers.

The NYCI Program will require large-scale distributors of heating and transportation fuels to purchase permits to pay for carbon emissions, with estimated revenue of $6-12 billion per year by 2030. This program, similar to the NYC congestion pricing plan, will pass costs onto consumers. For example, analysis shows that gasoline prices could increase by 21 cents per gallon in 2025, 48 cents per gallon in 2027, and 57 cents per gallon in 2030 based on the proposed allowance prices.

Increasing the cost of fuel directly impacts consumers and their ability to make ends meet. This raises concerns about the transparency and accountability of the Climate Act costs. It is essential to demand a full accounting of all expenses associated with the implementation of the Climate Act to understand the true financial impact on residents.

In summary, while the decision to halt the NYC congestion pricing plan may have been motivated by a desire to ease financial burdens on New Yorkers, the implementation of the NYCI Program raises similar concerns about potential cost increases for consumers. It is crucial for the government to provide transparent accounting of all expenses related to the Climate Act to ensure accountability and address the impact on residents.