Memo shows Climate Law delays will cost New Yorkers $9K in energy bills, 150,000 lost jobs, and up to $60 billion in lost revenue
FOR IMMEDIATE RELEASE
March 26, 2026
New memo from NY Renews shows Governor Hochul’s proposed rollbacks to Climate Law will worsen energy affordability crisis, result in massive economic losses, and lead to negative health impacts
New York State — Today, NY Renews released a new memo showing that Governor Hochul’s proposal to delay implementation of New York’s landmark Climate Law would cost residents thousands on their energy bills, stifle job creation, and result in preventable hospitalizations and premature deaths. According to the analysis, the proposed rollbacks to the Climate Law would result in New Yorkers losing up to $18 billion in energy bill credits or rebates, a total of 150,000 jobs, and $15 billion to $60 billion in revenue for local communities, while leading to 5,000 premature deaths and 4,000 asthma hospitalizations over the next five years.
“Every day Governor Hochul delays the implementation of the state’s landmark Climate Law is a day that New Yorkers lose out on a healthier, more affordable future powered by clean energy,” said Stephan Edel, Executive Director of NY Renews. “Our analysis shows that the Governor’s proposal to weaken the Climate Law would cost New Yorkers up to $18 billion in energy bill credits and rebates, 150,000 good-paying jobs, and the lives of 5,000 New Yorkers. As Hochul ramps up her attacks, we need our lawmakers to defend and implement the Climate Law so that New Yorkers from Buffalo to the Bronx can start to reap the benefits of lower costs, cleaner air, and more resilient communities.”
After the Climate Law passed seven years ago, New York embraced cap and invest, a tried-and-true policy that charges polluters for their pollution and reinvests the revenue procured, as the primary means of implementing the law. In New York, the distribution of cap and invest revenue is legally mandated: a third must go directly back to households in the form of direct rebates to lower energy bills, making the implementation of the Climate Law essential to addressing New York’s growing energy affordability crisis.
“Since taking office in 2021, Governor Hochul has refused to implement NY’s landmark climate law, sacrificing hundreds of thousands of good union jobs across the state,” said Theodore Moore, Executive Director of ALIGN. “Today’s memo makes it clear: implementing the Climate Law is New York’s best bet to address our worsening energy affordability crisis and create a stronger, fairer economy. Instead of catering to fossil fuel corporations stifling climate progress and keeping us hooked on expensive fossil fuels, Governor Hochul must prioritize New York’s workers.”
At least 35% of New York’s investment from cap and invest must be directed to communities overburdened by pollution and worsening climate impacts. Delaying implementation of the Climate Law would result in close to 5,000 premature deaths, 50% of whom live in disadvantaged communities. It will also result in $15 billion to $60 billion of lost revenue that would have been invested in communities for weatherization measures, rooftop solar, electric buses, and thermal energy networks. Between $5 billion and $21 billion of those losses would have been earmarked for disadvantaged communities.
“The Governor’s proposal to undermine the Climate Law will do nothing to bring down energy bills,” said Eddie Bautista, Executive Director at NYC Environmental Justice Alliance. “In fact, as analysis indicates, weakening the Climate Law will cost New Yorkers, leading to higher energy bills, less jobs, expensive hospital bills, and even premature deaths, especially in disadvantaged communities. As Governor Hochul caters to fossil fuel corporations intent on earning profits at the expense of low-income, Black, and Brown communities, lawmakers have the power to stop this. We urge the Legislature to fight to defend the Climate Law so that every New Yorker, especially our communities, can enjoy a more affordable, reliable future powered by clean energy.”
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NY Renews is a coalition of nearly 400 environmental justice, labor, and community groups, and the force behind the nation’s most powerful climate law, the Climate Leadership and Community Protection Act. We fight for clean energy, good jobs, and a healthier, more affordable New York.