Climate costs are rising, and New Yorkers will have to pay tens of billions of dollars to address the climate crisis. The fossil fuel industry combined raked in $390 billion in profits in 2022, which is a whopping 55% increase in profits from 2021. And 2023 is shaping up to be another banner year for fossil fuel profits – all while the world burns.
On top of this, New York State continues to subsidize the fossil fuel industry, with over $1.6 billion in tax-expenditures annually. Enough is enough! This is why NYPIRG is urging the governor to include the Stop Climate Polluters’ Handouts Act in the state budget.
The Stop Climate Polluters’ Handouts Act will eliminate $330 million in some of the most offensive handouts that New York State provides to oil and gas companies.
For too long, the fossil fuel industry has been allowed to destroy the planet at a discounted rate while New Yorkers pick up the tab. Tax exemptions should be reserved for businesses that provide clear public benefits, not one of the world’s wealthiest industries that has caused immeasurable harm.
The bottom line is that New York taxpayers are being nickeled and dimed by oil and gas companies that are fueling the climate crisis. The governor including this bill in her budget will help New Yorkers save their hard earned money and help the state achieve its ambitious climate goals of reducing greenhouse gas emissions 40% by 2030.
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Banner Image: NYPIRG Promo graphic. Image Credit – NYPIRG