Treasurer Urges Vermont to Seek New York Partnership for Transportation 'Cap-and-Invest' Program

Vermont state officials on Feb. 20 presented a study evaluating options for a transportation-focused "cap-and-invest" program and heard a recommendation from the state treasurer to pursue partnership with New York rather than join the Western Climate Initiative.

Julie Moore, secretary of the Agency of Natural Resources, told a joint Senate and House Transportation hearing that the 2024 Transportation Bill directed the Agency of Natural Resources (ANR), in partnership with the Agency of Transportation (AOT) and in coordination with the treasurer’s office and the Climate Council, to study cap-and-invest options. Moore said the study examined linking with existing or proposed regional programs — notably the Western Climate Initiative (WCI), already implemented in California and Quebec, and a New York program that is under development — and also examined variants limited to transportation, an economy-wide program (transportation plus heating), and a third variant that would add major stationary sources.

The study team, Moore said, worked with consultant Cambridge Systematics and a technical advisory group; final technical analysis was transmitted to the treasurer’s office in January so the treasurer could assess cost and revenue…