New York State lawmakers are getting closer to a final state budget. As countermeasures against Governor Hochuls’ proposed budget, the state Senate has presented budget plans to both the Assembly and state Senate. Both houses began harmonizing their plans last week in order to meet March 31.stDeadline for final agreement
One of the most interesting discussions between the houses (and governor) centers on the size of the environmental bond bill that will be put on the November ballot.
The New York State Constitution allows for any type of law to be applied to any property. DirectThe voters must approve any borrowing by the state. The Constitution provides that no debt may be contracted after the fact unless authorized by law. . . This law will not be effective unless it has received a majority vote at a general election.
Over the past few decades, lawmakers debated whether to make such a proposal available to the public. Their focus has been on the environment, specifically the cost to the state from a planet rapidly warming as a result of climate change.
Last year, lawmakers approved a $3 billion environmental bond bill and put it up for a vote in November. The bond act would have funded critical environmental restoration projects in every part of New York to help it withstand the increasing threat of severe and frequent storms caused by climate change, according to the former governor.
New York will face this because BillionsLegislators were right to predict that revenues would be required to pay for the billions of dollars it will cost to adapt to global warming, and to mitigate its effects. But these costs will be expensive. AnnualWhile a $3 billion bond bill is helpful, it is not enough.
In recognition of this, Governor Hochul proposed a budget plan that would increase the amount of the bond law from $3 billion to $4 billion. Her plan closely matches that of previous years. It funds environmental improvements that reduce the effects of climate change. This includes funding projects to restore habitats, reduce flood risks, improve water quality, and expand use of renewable energy.
The Senate has presented its own plan to increase the proposed bond act to $6 billion. Additional monies would be used to fund renewable heating and cooling, weatherization for low-to moderate income households, funds to finance electric school buses and transit buses, and the installation of electric-charging infrastructure for bus and passenger cars.
The Assembly came in between the governor’s and senator’s proposals, offering a plan that would limit future borrowing under the environmental bond act to $5 billion. The Assembly presented a detailed proposal that would earmark revenues for energy efficiency, renewable energy projects, measures to address water pollution threats to low income communities, and $450m for climate adaptation and mitigation projects.
While there is no doubt that funding is necessary, the economic state is less certain.
Inflation and the Ukraine crisis are driving up interest rates. These interest rates could impact the cost of borrowing by the state for the bond act and the voters’ view of the proposal.
It is important to ensure that any environmental bond act on the ballot has broad support. This will increase its appeal to the public. The $450 million included by the Assembly for land acquisitions and wetlands protection would provide a real boost to efforts to safeguard freshwater supplies.
A way to increase public support is to make oil and gas companies more responsible for the climate change costs. The state may need to spend more that $6 billion, as we mentioned earlier. Per yearTo deal with the consequences of climate change.
The oil, coal, and gas industries are responsible for the climate crisis. These industries were well aware for decades of the dangers associated with global warming due to the burning fossil fuels. These industries spent money to disinformation campaigns in order to stop measures to curb greenhouse gas emissions that cause the earth to heat up. Now they are paying the price.
A state legislature and Governor Hochul are putting together a final budget plan. An environmental bond bill is a good idea. It deserves to be supported. It will be much more popular when it is presented to voters if it includes clearly identified project spending. It will be even more popular if it guarantees that the oil, coal, and gas industries are financially responsible for the looming climate disaster.
Blair Horner is the executive director of New York Public Interest Research Group.
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