Cap and Invest Spending Roadmap

CAP-AND-INVEST SPENDING ROADMAP: NY Renews is out with a new report detailing the jobs benefits of their plan to spend theoretical revenue from a cap-and-trade program Gov. Kathy Hochul hasn’t moved forward. The statewide coalition that spurred passage of New York’s 2019 climate law released a report Thursday that details a proposal for spending about $4.7 billion annually and analyzes the economic impacts of that approach. It concludes that the coalition’s spending plan would create more than 17,000 direct jobs annually. Including indirect jobs and ancillary effects of spending by those employed boosts the figure to almost 30,000, according to the report.

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The report looks at programs NY Renews and its members have been pushing. That includes community grants for local projects that promote climate resiliency, sustainable food systems, workforce development, renewable energy and other local priorities. There’s also a statewide “Climate Ready Homes” program for weatherization and electrification investments. Other proposed investments include additional funding for building efficiency and heat pumps, along with a scrappage program for older fossil fuel vehicles and funding for electric vehicles and chargers. — Marie J. French