New York State Carbon Tax Effort Gains Momentum According to Network for Sustainable Financial Markets

NEW PALTZ, N.Y., July 18, 2015 /PRNewswire-USNewswire/ -- The New York State Carbon Tax effort, led by Sara Hsu of SUNY New Paltz and Mark Dunlea of the Green Education and Legal Fund, has evolved from a revenue neutral proposal into a combined tax credit and investment proposal, which would allow for tax credits to low income groups as well as for investment in the transition to clean energy, investment in infrastructure to reduce carbon emissions, and investment in projects for climate change adaptation. 

Leaders of the effort are in the process of building a coalition centered on introducing a bill into the State Assembly. The coalition is comprised of economists, environmentalists, and labor groups, among others. The bill is expected to be introduced this fall. 

A carbon tax offers a market-based solution to climate-altering fossil fuel emissions. Increasing the price of fossil fuels, while protecting the poor, sends a signal to the market to shift from fossil fuel-based energy sources to renewable energy sources, which are steadily becoming available and declining in price. Implementing a carbon tax is a proactive way to combat extreme temperatures and more powerful storms such as Hurricane Sandy.

Carbon taxes are supported by economists and environmentalists alike. As Bill McKibben of 350.org stated, "for a quarter century, economists left, right and center have said we'd benefit from making carbon carry the cost of the damage it causes. This will strengthen New York's drive to be a leader in the coming green economy." The New York State Carbon Tax initiative is calling for bipartisan support for the effort. 

The Cuomo administration promotes the concept of letting the market determine how the energy system is transformed. "The reality is that the present system provides a $30 billion plus annual subsidy in NYS to the fossil fuel industry because taxpayers and consumers have to pay for the environmental and health damage it causes. A robust carbon tax is a critical step to ensure that the real costs of burning fossil fuels is paid for by polluters rather than taxpayers," commented Mark Dunlea. 

A carbon tax is viewed as an efficient way to cut fossil fuel usage while promoting renewable energy, and has been successfully implemented in other countries around the world. The New York State Carbon Tax effort in particular is gaining momentum.

SOURCE Network for Sustainable Financial Markets

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