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New York Governor Kathy Hochul announced plans to revise the state’s climate laws requiring the […]]
New York Governor Proposes Pushing Back Climate Targets that Have Become “Costly and Unattainable” – ESG Today
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Environment/ Government
New York Governor Proposes Pushing Back Climate Targets that Have Become “Costly and Unattainable”
Mark Segal
March 23, 2026
New York Governor Kathy Hochul announced plans to revise the state’s climate laws requiring the achievement of a 40% reduction in economy-wide emissions by 2030, arguing that the goal has become “costly and unattainable,” and would impose “crushing costs on New York businesses and residents.”
New York’s Climate Act, signed into law in 2019 by former Governor Andrew Cuomo, sets mandatory targets for the state to achieve at least 85% in greenhouse gas (GHG) emissions reductions by 2050, with the remaining residual emissions to be addressed through carbon removal and offsets, as well as the 2030 interim goal.
The law also required New York’s Department of Environmental Conservation (DEC) to adopt regulations to enforce the emissions targets by 2024, which the state has not yet done. In late 2025, the Supreme Court of New York ordered DEC to issue the regulations by early 2026, unless the law is changed.
Presenting her changes in an op-ed republished on the Governor’s website, Hochul said that she is proposing to amend the law to push out the requirement to issue regulations to reduce GHG emissions to the end of 2030, with the new regulations to be tied to a new 2040 emissions reduction target, while retaining the Climate Law’s 2050 goal.
In her op-ed, Hochul explained that the proposed changes have become necessary as “so much has radically changed since the Climate Act was enacted, necessitating common-sense adjustments” to the law.
Among the unforeseen factors, the Governor pointed to post-COVID inflation and supply chain disruptions. Hochul also cited “a dramatic shift in Washington,” blaming the Trump administration and Republican politicians for launching “a full-on assault on renewables and the tax incentives that encouraged companies to build and residents to convert.”
Hochul said:
“President Trump has denied the science, calling climate change a hoax. Just this week, he again vowed to block all new offshore wind projects and is actively attempting to dismantle those already under construction. At the same time, the federal government is also canceling grants and tax credits for solar and wind, electric vehicles, heat pumps, and other pollution-reduction initiatives while rolling back key scientific findings and regulations that would have helped the nation move toward reducing greenhouse gas emissions.
“Without a federal partner, there is only so much states can do on their own.”
In light of the changes that have occurred since the passage of the law, Hochul said that “the undeniable fact is we cannot meet the Climate Act’s 2030 targets without imposing new and additional crushing costs on New York businesses and residents.”
Hochul added:
“As Governor, I can’t let that happen. While I am still committed to working toward our targets, with all the stress our residents are under, New Yorkers expect their elected officials to prioritize affordability.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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