New York City (NYC) Mayor Eric Adams has introduced the city’s first-ever
climate budgeting considerations in the city’s
2025 Executive Budget.
Now, for the first time ever, climate will be formally integrated into the city’s decision-making to ensure climate considerations are prioritised in all relevant investment decisions to achieve its stated goal of achieving net-zero emissions by 2050.
NYC is the first big city in the United States to adopt climate budgeting, joining other global cities such as London, Oslo, and Mumbai.
Mayor Adams said:
“By embedding climate into our budget decision-making, we are changing the very calculus of government spending going forward and acknowledging that climate must be at the forefront of what we do.”
Climate highlights embedded into the city’s 2025 Executive Budget includes:
- $5.8 billion to reduce greenhouse gas emissions at city facilities;
- $2.9 billion for coastal resiliency projects;
- $923 million for green infrastructure to help mitigate inland flooding;
- $292 million for electric vehicle, ferry, truck, and school bus purchases;
- $139 million for tree canopy preservation and expansion.
The FY25 Executive Budget also supports reducing greenhouse gas emissions from city facilities by accelerating $1.06 billion into the FY24-FY28 Capital Commitment Plan and supporting a strategic electrification plan for city-owned and -operated facilities to advance the city’s commitment to phase out capital spending on new fossil fuel equipment and infrastructure.
NYC has claimed their climate budgeting analysis will evolve over the coming years to further support strategic investment decisions that bolster resiliency and advance city actions equitably, incorporating new insights gained from efforts funded in the FY25 Executive Budget.
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