Cap-and-trade payback: NY plans to force big oil to ‘invest’ in ‘green’ by paying for emissions

In his State of the World address on Tuesday, Gov. Kathy Hochul of the Democratic Alliance is expected to introduce her “Cap & Invest” anti-pollution plan that critics warn will cause the country’s fuel and utility costs to rise in an already fossil-fueled state. situation.

The plan aims to reduce emissions by charging companies for greenhouse gas emissions and investing that money in projects such as retrofitting buildings to run on green energy.

“Cap” means a state-imposed greenhouse gas emission limit. The “cap” is often assumed to decrease each year to meet climate change mitigation goals.

The state can now set up an auction to allow energy companies to throw in “subsidies” based on the weight of pollution – money available that the government can invest in “green” projects, according to New York Focus.

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New York drivers could see more pain in the pipeline from such a proposal, according to critics such as the nonprofit group Upstate United, which promotes New York’s economic development.

AAA New York’s average gas price sits at $3.14/gallon – compared to most surrounding states except Pennsylvania – which is generally higher than the rest of the Northeast due to its third-highest national gas tax.

A spokesperson for Hochul told the New York Post that the governor is “focused on reducing the cost of living, putting money back into New Yorkers’ pockets and refunds, tax credits and more.”

Since the Democrats took over the administration of Gov. George Pataki of the GOP term in 2007 and held without interruption, the Empire State has gradually limited the power test in the state.

The practice began with the “time out” of Gov. David Paterson’s 2010 article on hydraulic fracturing for natural gas still exists today.

The “Marcellus Shale” range was named after the town of New York – but any fracking activity since then has occurred at the Pennsylvania end of the deposits.

State Sen. Tom O’Mara, R-Elmira, represents a county that sits on a portion of the Marcellus oil shale development that remains untouched under state policy.

Natural gas wells dot the countryside in neighboring Bradford and Tioga counties just south of Pennsylvania, but the landscape is clear of any exploratory signs for those driving NY-17 through New York’s Southern Tier just a few miles away.

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On Monday, O’Mara criticized what he called the “latest severe weather mandate” to be issued:

“Gov. Hochul and the Albany Democrats will continue to talk about addressing New York’s unaffordability problem. But it’s clear that their actions like Cap and Invest, aptly named ‘Cap and Tax’… will continue to push it forward.” this province is at the bottom of the economy,” he said.

In 2014, O’Mara criticized New York’s first decision to ban fracking in his area, saying it “vindicates the hope of many Southern Tier farmers, landowners, businesses and potential jobs in the natural gas industry.”

Hochul’s cap-and-tax plan, he said, would only increase the cost of doing business in New York and drive more families and employers out of the state while exacerbating the unaffordability problem.

The show shows the governor is out of touch with New Yorkers, Assembly Minerals leader William Barclay told Fox News Digital.

“The last thing we need is ineffective environmental policy from Albany that drives up costs and drives residents away. Democrats keep lecturing us about the need for Cap and Invest and other bad energy policy, but when people pay more at the pump and can’t pay their heating bills, who benefits?” asked Barclay, R-Oneida.

“It’s our responsibility to ensure that New Yorkers have reliable, affordable energy sources — not to force consumers to subsidize the green dreams of a liberal environmental institution.”

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Gov. Kathy Hochul (Reuters/Cindy Schultz)

In 2021, then-New York Governor Andrew Cuomo effectively shut down the massive 2,000MW Indian Point nuclear power plant on the Hudson River opposite Haverstraw.

Cuomo spoke of security concerns at the time and said “it’s not that… near the most populated area in the country.” Critics have countered that the area cited – New York City – relies too much on self-generated energy and complains of rising utility bills.

The 2019 law commits New York to net-zero emissions by 2050, according to the New York Times.

Nationally, “Cap & Trade” first entered the American lexicon during the 2008 presidential campaign, when then-Sen. Barack Obama, D-Ill., has lobbied environmentalists with the idea of ​​taxing businesses that release greenhouse gases and affect the atmosphere.