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New York’s Environmental Bond Act could get even bigger

New York’s Environmental Bond Act could get even bigger

In 2019, then-Gov. Andrew Cuomo proposed a bond act of $3 billion to strengthen water and sewer infrastructures. Extreme weather is expected to grow in the future.

Gov. Kathy Hochul also added $1 billion to this proposal. Democrats in the state Legislature want more. 

The one-house budget resolutions issued by the two chambers could double the original proposal. It was rescinded in 2020 by the COVID-19 pandemic, and financial uncertainty resulting from the crisis. 

Democrats presented a $5 billion borrowing plan to the state Assembly. The $6 billion bond act would be passed by the state Senate. The provision, known as the Environmental Bond Act (or the Environmental Bond Act), would need to be approved by the voters in a referendum. 

Monday’s positive remarks by environmental groups were made as lawmakers sought to increase efforts to transition the state toward renewable energy. 

“As we work towards meeting clean energy goals and slashing fossil fuel use, it is important that we applaud the Senate’s inclusion of a clean-fuel standard for transportation, electrification of new buildings and significant steps to reduce waste and resilience measures to protect wetlands,” stated Julie Tighe (president of the New York League of Conversation Voters). “Action of such magnitude requires significant investments to back it up: By proposing to increase the bond bill to $6 billion, this will put in place impactful funding. It includes $1 billion to fund electric vehicles and charging infrastructure. There is also funding for transit buses, and support for electrifying all school bus fleets by 2035. We thank Senator Kaminsky, Majority Leader Stewart-Cousins and their colleagues for their leadership in investing in a sustainable future.

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