NY Senate Introduces Climate and Community Investment Act
Two (time-defying) years ago, Vote Solar along with our members and partners helped pass the country’s most aggressive climate law. Not only does the Climate Leadership and Community Protection Act (CLCPA) set legally binding emissions reductions standards to get New York completely off of fossil fuels by 2050, it also mandates that 40% of state climate and energy funding be invested in environmental justice communities.
While we continue to fight for just and equitable implementation of this landmark law through our seat on the state’s Advisory Panel, there is more work to be done at the state legislature. The NY Renews coalition is leading the charge on a new bill to make polluters pay.
The Climate and Community Investment Act (CCIA) would raise $15 billion per year from corporate polluters and use it to create good, green jobs, invest in frontline communities, and build our renewable economy. We’re proud to be a member of the NY Renews coalition and hope you’ll join us in supporting this bill.
For too long, fossil fuel companies have dumped their toxic facilities and waste in Black and brown neighborhoods, sacrificing the health of entire communities in order to make obscene profits for shareholders. The Climate and Community Investment Act would make them pay, by instituting a fee on greenhouse gases and co-pollutants. The CCIA has five key tenets:
- Community investment: One-third of the funds raised will go to community-based organizations in frontline communities.
- Creating good, green jobs: Research shows that the CCIA would create and sustain over 150,000 prevailing wage, green jobs over the first decade.
- Building a renewable economy: Thirty percent of the money will go to large-scale investments such as large-scale solar, offshore wind, grid stability, electric vehicle infrastructure, improvements to public housing and public transit.
- Make polluters pay for the just transition: At a starting price of $55 per ton of greenhouse gas emissions, which will increase year over year, the CCIA would raise around $15 billion per year over the first 10 years.
- Protecting ratepayers: One third of the money raised by the CCIA would be used to provide direct assistance to low-and moderate income families via transit vouchers, weatherization or LIHEAP credits, or direct cash benefits.
We’ll keep you updated as this bill makes it way through the state legislature, stay tuned!