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Sponsors
No co-sponsors yet.
History
- Referred to civil service and pensions
- Referred to civil service and pensions
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the retirement and social security law, in relation to establishing the New York state sustainable private equity investment program and to establish the sustainable private equity investment board
Purpose
The bill authorizes the comptroller to establish a New York state sustainable private equity investment program for the purpose of investing in private businesses engaged in the generation and use of cleaner energy, conservation and efficiency, and advancing renewable energy generally.
Summary of provisions
The bill authorizes the comptroller to establish a New York state sustainable private equity investment program, within the common retirement fund, for the purpose of investing in private businesses engaged in the generation and use of cleaner energy, conservation and efficiency, and advancing renewable energy generally. The comptroller is to consult with a sustainable private equity investment board when choosing sustainable businesses for investment.
The sustainable private equity investment board shall consist of eleven members, one appointed by the comptroller, one by the president of NYSERDA, three by the governor, three by the governor from recommendation of the temporary president of the senate, and three by the governor from recommendation of the speaker of the assembly. Each board member shall serve for four years and is to receive no compensation for their services, except for reimbursement for actual and necessary expenses. The board is to provide information to the comptroller regarding sustainable investment, develop a definition of sustainable investments, and develop a list of private business sectors that fit the definition of sustainable investments.
Justification
The promotion of renewable and alternative energy sources is desirable for environmental, public health, economic, and energy goals. A number of feasible cleaner or alternative energy sources have been developed, yet are not in widespread use by industries. This bill provides encouragement for private businesses to continue to develop and utilize renewable and alternative energy technologies.
Legislative history
2007-08: S.5242
Fiscal implications
Minimal.
Effective date
This act shall take immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.