New York Lawmakers Concede on Climate Law Delay, Insurance Cap

New York lawmakers delayed the state’s climate targets and adopted more restrictions on insurance payouts in a state budget measure approved Tuesday.

The state Senate passed the measure 52-11, and the state Assembly 109-34. Several Republicans also voted for the measure, noting the climate goal rollbacks have been backed by their party for years.

The budget measure also includes a mechanism to cap “excess profits” generated by utility companies and to compel utility providers to disclose top executives’ compensation when companies ask the state to increase their rates.

Democratic lawmakers in both of the state’s legislative bodies had resisted proposals …