Governor Hochul: Fund the Transition From Fossil Fuels!

Fund the Transition From Fossil Fuels

Dear Governor Hochul- For the past year, every calendar month has marked the hottest month on record, culminating in the June 2024 heat dome that put more than 100 million Americans in danger of even further escalating temperatures. As the climate crisis deepens, New York must lead the nation in implementing solutions. While inaction is the most expensive option for New York in the long run, the costs involved in rapidly transitioning from a fossil fueled economy to one that is renewable and regenerative must be addressed. To help fund the clean energy transition New York needs mechanisms to both reduce greenhouse gas emissions and generate revenue from big polluters. You have two such powerful financial mechanisms before you that require your decisive leadership: The Climate Super Fund and NY’s Cap and Invest program. The first will recoup costs from historic polluters to pay for the damage that comes from their contributions to climate-change- the latter will set a cap on future emissions that will incentivize better industry behavior and generate revenue to help keep the transition affordable for all New Yorkers. Both will work in complementary fashion - one will address past harms and the other will ratchet down future emissions. Both will help finance climate solutions. The Climate Change Superfund, which recently passed through both houses of the Legislature, has the potential to collect up to $75 billion over the next 25 years from the biggest global polluters since the 1990’s and funnel those dollars into communities most harmed by climate change, helping fund the transition to a more climate resilient future. This isn't a tax that will be passed on to consumers. This is, in fact, New York recovering a small percentage of past petrochemical profits gained at the expense of our climate. NY’s Cap and Invest Program will establish a declining cap on greenhouse gas emissions, limit potential costs to New Yorkers, invest proceeds in programs that drive emission reductions in an equitable manner, and maintain the competitiveness of New York businesses and industries. Your agencies have led in the establishment of this program and we need your leadership to make sure it is implemented without any restrictive price caps that could undermine the functioning of the program. Governor, you frequently remind New Yorkers that “we are the first generation to really feel the effects of climate change and the last one to be able to do anything meaningful about it.” Here is a distinct moment for this generation to make a difference. Please sign the ‘Climate Super Fund Act’, and implement the strongest ‘Cap and Invest’ program practicable, as soon as possible. The future affordability of addressing the climate crisis depends upon it.