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Sponsors
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History
- Print number 6476a
- Amend and recommit to energy and telecommunications
- Referred to energy and telecommunications
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to require the public service commission and the New York state energy research and development authority to implement a low carbon portfolio standard; and to amend the public authorities law and the state finance law, in relation to creating the zero carbon emission investment program and zero carbon emission investment program fund
Purpose
To direct the Public Service Commission to replace the Renewable Portfolio Standard with a Low Carbon Portfolio Standard, and would create the Zero Carbon Emission Investment Program administered by the new York State Energy Research and Development Authority (NYSERDA) with a goal of reducing carbon emissions
Summary of specific provisions
Section 1 directs the Public Service Commission to establish parameters for the creation of a low carbon portfolio standard in New York State to replace the renewable portfolio standard.
Section 2 requires NYSERDA to act as the central procurement agency to promote low carbon emissions energy development in the state.
Section 3 creates the Low Carbon Portfolio Standard to replace the Renewable Portfolio Standard.
Section 4 amends Article 8 of the Public Authorities Law by adding a new title creating the Zero Carbon Emission Investment Program. This section also provides the definitions for the Zero Carbon Emission Investment Program, authorizes NYSERDA to establish, calculate, and issue the program to provide awards for zero carbon emitters for their avoidance of carbon emission although capital funding from the Regional Greenhouse Gas Initiative, and requires NYSERDA to submit an annual report to the Governor and Legislature describing the authority's activities related to the, Zero Carbon Emission Investment Program.
Section 5 amends the State Finance Law and establishes the Zero Carbon Emission Investment Program Fund n the joint custody of the Comptroller and the Commissioner of Taxation and Finance.
Section 6 is the effective date.
Existing law
Article 8 of the Public Authorities Law relates to miscellaneous authorities. Currently, there is not a Zero Carbon Emission Program enacted.
Article 6 of the State Finance Law relates to the funds of the state. Currently, there is not a Zero Carbon Emission Investment Program Fund.
Justification
Currently, state programming, like the Regional Greenhouse Gas Initiative and the Renewable Portfolio Standard, places a great emphasis on the use of renewable technologies to reduce carbon emissions in our state. However, these programs should also support the use of other low carbon emitting sources of electricity. This bill ensures that markets for low carbon electricity producers are supported to reduce carbon emissions. This legislation further encourages facilities' consciousness of reducing greenhouse gas emissions by awarding funds to zero carbon emitters. This incentive is essential for the health of our environment, as the reduction of greenhouse gas emissions is crucial to addressing climate change.
Prior legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act will shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.