Establishes the climate change solutions fund

2 Co-sponsors

• Thomas K. Duane
• Diane J. Savino

BILL NUMBER:S5641A

Title of bill

An act to amend the environmental conservation law and the state finance law, in relation to the climate change solutions fund

Purpose or general idea of bill

This bill would create the Climate Change solutions Fund within the state finance law to receive proceeds from the auction of emissions allowances, specifically those associated with the Regional Greenhouse Gas Initiative (RGGI).

Summary of specific provisions

This bill would:

* provide for the deposit of revenues raised from the auction of any emissions allowances by the Commissioner of the Department of Environmental Conservation (DEC) into the Climate Change Solutions Fund;

* establish the Climate Change Solutions Fund in the state finance law and the following accounts within the Fund: a climate change transfer account; a greenhouse gas emission reduction account; an energy efficiency account; a renewable energy development account; and a clean air account; and,

* authorize monies in the fund to be spent pursuant to a program established by a new title 11 of article 19 of the environmental conservation law.

Justification

Global climate change threatens the environment, natural resources and economy of New York State. In an effort to reduce its contribution to global warming, the state has led the way in developing RGGI, a nine state cap and trade program to stabilize and reduce carbon dioxide emissions from electric generating facilities. In New York, one hundred percent of its carbon dioxide emissions allowance budget will be auctioned for consumer benefit. This bill establishes a special revenue fund within the state finance law to receive the proceeds of the auction and dedicates the funds for specific environmental purposes established in a new title 11 of the environmental conservation law.

Prior legislative history

04/11/07 Referred to environmental conservation 04/17/07 reported referred to ways and means 04/23/07 reported referred to rules 04/23/07 reported 04/23/07 rules report cal. 43 04/23/07 ordered to third reading rules cal. 43 04/23/07 passed assembly 04/23/07 delivered to senate 04/23/07 REFERRED TO ENVIRONMENTAL CONSERVATION 01/09/08 DIED IN SENATE 01/09/08 RETURNED TO ASSEMBLY 01/09/08 ordered to third reading cal. 511 03/19/08 amended on third reading 7366a

04/15/08 passed assembly 04/15/08 delivered to senate 04/14/08 REFERRED TO ENVIRONMENTAL CONSERVATION

Fiscal implications

To be determined.

Effective date

Immediately or on the same date as a chapter of the laws of 2010 creating the climate change solutions program act, whichever is later.