Pollution Could Bring In $1 Billion With Certain Fuel Bans In NY

Pollution will be big business, producing an expected $1 billion in revenue for New York State with Governor Kathy Hochul's new plan. As I'm sure you've heard, over and over if you live here in New York, gas cars and appliances will be phased out in the next decade. For now, electric vehicles and appliances are preferred until they are the legal requirement. Gov. Hochul has made it clear that big pollution will pay dearly in New York, generating over a billion dollars in revenue.

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The federal government's Clean Air Act is behind the drastic measures,

The Clean Air Act is the comprehensive federal law that regulates air emissions from stationary and mobile sources. Among other things, this law authorizes EPA to establish National Ambient Air Quality Standards (NAAQS) to protect public health and public welfare and to regulate emissions of hazardous air pollutants.

States must follow the federal government’s vehicle emissions standards thanks to the act. New York State's Senate and Assembly both passed bills (Assembly Bill A4302 / Senate Bill S2758) that ban gas vehicles by 2035. Both bills, which have been signed into law by Gov. Hochul, provide that,

One hundred percent of in-state sales of new passenger cars and trucks shall be zero-emissions by two thousand thirty-five, medium-duty and heavy-duty vehicles by two thousand forty-five and off-road vehicles and equipment by two thousand thirty-five.

New York State Plans To Issue Expensive Polluter Permits

As New York State continues to ban fuels that are heavy pollutants, permits will be issued to big polluters. But, make no mistake, these permits will not be cheap. During her 2023 State of the State address on Tuesday, January 10, 2023, Gov. Hochul said,

Big emitters will have to purchase permits to sell polluting fuels. The dirtier the fuel – the bigger the price tag. And the 'invest' part of the program will accelerate the clean energy transition and include a universal Climate Action rebate that will provide $1 billion in revenues that we’ll allocate to help cover utility bills, transportation costs, and de-carbonization efforts.

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New York has very aggressive goals when it comes to eliminating pollutant fuel usage - the state plans to cut emissions by 40% from 1990 levels by 2030, and 85% by 2050.