Fahy Unveils New $5.5 Billion ‘C.A.R.E” Environmental Bond Proposal

Early $5.5B Proposal Would Increase Number of Eligible Projects, Fund Energy Efficiency Upgrades, Enable Critical Water Infrastructure Improvements, and More

Albany, N.Y. — Assemblymember Patricia Fahy (D — Albany) today announced the introduction of a $5.5 billion ‘Climate Action and Resilient Environment’ (C.A.R.E.) Bond Act, expanding upon the Executive $3 billion ‘Restore Mother Nature’ Bond Act budget proposal. The C.A.R.E. Bond Act will allocate $2 billion for energy efficiency and climate resiliency projects and $500 million for clean water initiatives, building on the Governor’s proposed $3 billion in bonds for conservation projects.

The adoption of the Climate Leadership and Community Protection Act (CLCPA) requires landmark state investments to achieve its ambitious energy and environmental goals. The C.A.R.E. Bond Act aims to jumpstart New York’s implementation of the CLCPA by ensuring two of New York’s most important environmental challenges; transforming our energy sector and water quality, are a focus of state capital spending.

The C.A.R.E. Bond Act also makes SUNY/CUNY campuses, which comprise 40% of total state-owned buildings in New York, eligible grantees for bonded funds in addition to municipalities. Energy efficiency and climate resiliency projects would be funded at $2 billion under this proposal. These funds would be directed towards implementing energy-efficient transportation projects, retrofitting SUNY/CUNY campuses, sustainable waste reduction and recycling programs, community microgrids, and other renewable energy projects.

Water quality projects would receive an additional $500 million under the C.A.R.E. Bond Act to critically address New York’s $80 billion water infrastructure needs present throughout the state, building upon existing capital funds available under the Clean Water Infrastructure Act (CWIA). These funds will improve water quality through necessary wastewater and drinking water infrastructure upgrades, including green infrastructure projects that reduce stormwater impacts, agricultural nutrient management, and expansion of riparian buffers. This funding would be in addition to the Governor’s proposal to spend $500 million on water infrastructure projects.

“The Executive’s $3 billion bond act proposal aims to provide critical investment in conservation projects and one I strongly support while going two steps further to ensure we are addressing our energy and water needs as well. The climate crisis requires a historic commitment of resources and state government must rise to the call,” said Assemblymember Patricia Fahy. “If New York is going to meet its ambitious CLCPA goals, that ambition must be matched by our investment to combat climate change and protect our natural resources for generations to come. I look forward to working with my colleagues to show we truly C.A.R.E. about this commitment to our Earth by making these historic investments