E2 Law Podcast: Episode 20 | Empire Environmental – Review of New York’s Cap-and-Invest Program to Reduce Emissions and Achieve Climate Goals

In this episode of Greenberg Traurig's E2 Podcast, attorneys Steven Russo, Zackary Knaub, and Jane McLaughlin discuss New York State’s cap-and-invest program to limit greenhouse gas emissions and share revenue with New Yorkers from disadvantaged communities to help cover utility bills, transportation costs, and decarbonization. The program is expected to help New York meet the requirements of the 2019 Climate Leadership and Community Protection Act of cutting greenhouse gas emissions 40% by 2030 and at least 85% by 2050, both below 1990 levels. Large-scale greenhouse gas emitters and distributors of heating and transportation fuels will be required to purchase allowances for emissions. The state says the cap-and-invest program will incentivize consumers, businesses, and others to transition to lower-carbon alternatives. It calls for electrifying nearly everything — from buildings to vehicles with a mix of mandates and incentives.