New York lawmakers want to increase the state’s annual commitment for funding environmental projects beyond Governor Kathy Hochul’s $4 billion budget proposal.
The state has promised $3 billion to its Environmental Bond Act to fund water and sewer infrastructure projects. This is a significant investment due to extreme weather events resulting from climate change.
Governor Kathy Hochul proposed an increase of $1 billion to the annual fund this year.
Democrats in charge of the state Legislature are determined to double their original promise. The state Assembly contained $5 billion, while the state Senate contained $6 billion for the environmental loan plan.
The state’s financial uncertainty caused the state pandemic to disrupt the funding of local projects through the Environmental Bond Act.
Now, the state has a lot of cash from federal assistance. Some advocates want $15 billion for climate justice funding.
The budget due April 1st would accept any proposal. Voters would then need to approve it in a referendum.
