Legislature votes to roll back NY’s landmark climate law

Key Points:

• New York's Legislature is set to approve major rollbacks to the 2019 climate law, replacing the mandatory 40% greenhouse gas emissions cut by 2030 with a non-binding goal of a 60% reduction by 2040 "to the maximum extent feasible" and in a "cost-effective" way.
• The existing target to cut emissions by 85% by 2050 remains, but the new legislation extends the timeframe for tracking greenhouse gas damage from 20 to 100 years, reducing the emphasis on methane's climate impact.
• The bill removes a clause counting emissions from fossil fuels imported into New York, lowering emissions attributed to natural gas transported via the Northeast Supply Enhancement pipeline, a project previously opposed by state regulators but approved under Governor Hochul.
• Governor Hochul and business groups argue the changes will keep energy costs affordable for residents and businesses, citing concerns about potential large increases in natural gas bills and gasoline prices under the original law, while environmental advocates condemn the rollbacks as weakening New York’s climate leadership amid worsening climate change impacts.
• The new law requires the state to develop regulations by 2028 to meet the revised emissions goals and consider a cap-and-invest program, replacing the 2019 law’s requirement to have regulations approved by 2024, which had led to ongoing litigation.