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History
- Referred to environmental conservation
- Referred to environmental conservation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes the climate change solutions fund
In Assembly Committee · Environmental Conservation · Sponsor Brian Kavanagh
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1969
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
None.
Fiscal implications
To be determined.
Effective date
Immediately or on the same date as a chapter of the laws of 2011 creating the climate change solutions program act, whichever is later.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.