NY Renews Statement on FY2025/2026 State Budget
As New Yorkers Face Rising Unemployment, High Energy Bills, and Extreme Weather, This Year’s State Budget Fails to Address the Need for New Jobs, Clean Air, and Affordable Energy
New York — In response to the passage of New York’s FY 2025/2026 state budget, NY Renews, a statewide climate and environmental justice coalition representing nearly 400 organizations statewide, released the following statement:
The $1 billion Sustainable Futures Fund is a major step forward, and wouldn’t have passed without the advocacy of our coalition members over the last several years. One billion is a down payment on climate solutions—and yet, it is a drop in the bucket compared to the $6-12 billion a strong cap-and-invest program, like the one outlined in the Cap and Invest Guardrails Bill (A.3975/S.4651A), could deliver annually by 2030 by capping emissions and making corporations pay for their pollution. Cap and Invest could have been up and running this year—and raising between 3 and 5 billion dollars—had the Governor not blocked the release of the regulations in January, when they were ready for public review.
“Why isn’t Governor Hochul unleashing the full power of New York’s Climate Law?” asked NY Renews Executive Director Stephan Edel. “In the context of economic instability nationwide and rising unemployment in New York, a robust cap-and-invest program will deliver billions of dollars to lower New Yorkers’ energy bills and create tens of thousands of new jobs across sectors.”
If Governor Hochul believes that “our families are her fight,” she would release the Cap and Invest regulations today to start limiting the pollution companies dump into our air and investing money raised by the program back into New York households and communities.
Theodore Moore, Executive Director of ALIGN, an alliance of community and labor fighting for clean air and good, green jobs, said, “Workers are ready to seize the job creation engine of the state’s climate program—but they need Governor Hochul to live up to her promise to release the regulations for Cap and Invest so we can finally start this program and create the tens of thousands of good-paying jobs New York so desperately needs.”
Eunice Ko, Deputy Director of NYC-EJA, added, “With the federal government rolling back health and climate protections, Governor Hochul should step up and fight back by releasing all the regulations for a cap-and-invest program. Research shows that it would help many New York households making up to $200K save money, especially low-to-moderate income households. Now more than ever we need to hold corporations accountable and make them pay for the pollution that sickens and kills poor people and people of color so we can use that money to help lower energy costs for and make New York’s clean energy transition affordable.”
The state budget includes only $2 million for the Green Affordable Pre-Electification Program—a fraction of the $200 million advocates called for—and entirely omitted the NY HEAT Act. Without these, New Yorkers are forced to continue footing the bill for fossil fuel infrastructure upgrades, and, if they want to electrify their home to get off expensive, toxic fuels, they will have to pay for home pre-electification and weatherization upgrades out of their own pockets.
As the federal government continues to ravage our economy and destroy the protections that keep our air, water, and households healthy, state-level action is critical. New Yorkers need state leaders willing to deliver the green, clean, and affordable state that we deserve.
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NY Renews is a coalition of nearly 400 climate, labor, youth, and community groups, and the force behind the nation’s most progressive climate law. We fight for clean energy, good jobs, and a healthier, more affordable New York. Learn more about our Fund Climate Campaign.