Hartford Business Journal

4 HARTFORDBUSINESS.COM | APRIL 29, 2024 Politics & Policy BIZ BRIEFS Green Roadblock Lawmakers sweetened climate change bill for businesses by adding financial incentives; proposal may have proved too costly A wide-ranging climate change bill being considered by the General Assembly creates incentives for businesses to adopt sustainable practices, including giving sustainable businesses preference on applications for tax rebates under the state's JobsCT program. HBJ FILE PHOTO By Andrew Larson alarson@hartfordbusiness.com A wide-ranging bill that contained multiple initiatives to combat climate change had its substance yanked by the Appropriations Committee on April 22, after concerns about the poten- tial price tag. This year, Democrats hoped to pass climate change legislation, after a similar effort failed in 2023. They packed the bill with financial incen- tives for businesses in an effort to gain private-sector support. State Rep. Christine Palm (D-Chester), vice chair of the Environment Committee, said last year's bill failed because of the perception that it was too punitive to businesses. "This year, we're adding business incentives to quell the voices (that say) 'to be environmental is inher- ently anathema to being a good businessperson,'" Palm said. The Connecticut Business & Industry Association (CBIA), which opposed prior climate change legis- lation, supported two sections of the Founded in 1994 by Morse and Price, Fairview Capital is a venture capital and private equity investment management firm with over $10 billion under management since its inception, according to the firm. Hartford HealthCare pledges to be carbon-neutral by 2050 Hartford HealthCare said it has committed to a 26-year plan to reduce its impact on the environment. HHC said its goal is to cut its carbon footprint in half by 2030, with the ultimate goal of being carbon-neu- tral by 2050. All of the health system's seven hospitals, as well its post-acute care facilities and assisted living homes, are included in the environmental commitment, HHC said. The pledge broadly addresses reductions in greenhouse gas emis- sions that cause climate change. Examples of projects HHC will undertake include monitoring the operation and maintenance of HVAC equipment and switching to clean, renewable energy when feasible. It will also build new construction to federal LEED energy efficiency requirements, submitting for certifi- cation when feasible. Eversource to suspend new electric vehicle charging rebates, citing 'uncertain regulatory treatment' Eversource Energy announced that it is suspending its new electric vehicle charging rebates due to "uncertain regulatory treatment" in Connecticut. According to the power company, recent regulatory decisions "call into question the stability of the state's support for EV funding." Eversource has filed a motion with the Public Utilities Regulatory Authority informing PURA that it will suspend its upfront funding of incentives for residential, Commer- cial Level 2 and DC Fast charging programs until PURA establishes "a secure, timely and adequate funding mechanism to provide the revenues necessary to support these programs." Eversource will stop processing new applications on May 22, and DC Fast applications will not be awarded in 2024. Doug Horton, vice president of distribution rates and regulatory requirements at Eversource, said the energy company has traditionally provided funding upfront for these types of programs, but PURA has "made it clear the agency does not see it as necessary to support state policy with its ratemaking policies." "Continued participation in these programs could place critically needed capital resources at risk, as well as our ability to support electric operations that our customers rely on every day," he said. The announcement came after PURA approved an 18.7% rate hike for Eversource, which would increase the average residential customer's bill by about $38 per month. CT added 4,900 jobs in March; unemployment rate steady at 4.5% Connecticut employers added an estimated 4,900 jobs during the month of March, and the state has now gained 13,300 jobs since the start of the year, according to new data from the Department of Labor. The state's unemployment rate in March held steady at 4.5%, DOL said. The U.S. unemployment rate is 3.8%. February's employment numbers were also revised upward to a gain of 2,600 jobs vs. 1,700 new jobs previously projected. Overall, the state has now recov- ered 103.6% of jobs lost during the COVID shutdown, according to the DOL. However, longer term, Connecticut still has 18,400 fewer jobs than it did in March 2008, and 5,400 fewer jobs compared to July 1990. HBJ FILE PHOTO Hartford HealthCare's headquarters at 100 Pearl St., Hartford. bill and remained neutral on the rest. Palm hoped CBIA's partial support — and lack of opposition — gave the bill momentum. House Speaker Matt Ritter (D-Hartford) even said House Bill 5004 was one of the top three House priorities this session. But the various incentives in the bill — and its overall potential price tag — may have sweetened the pot too much. On April 22, the Appropriations Committee, led by Democrats, stripped down the bill by removing every provision that would add costs to the state budget.

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