New York
Use of Auction Proceeds for Consumer Benefit Programs
New York State, through the New York State Energy Research Development Authority, the Department of Environmental Conservation, and the Public Service Commission, has developed an "Operating Plan" for investing auction proceeds in consumer benefit programs. The Operating Plan directs proceeds to a wide range programs designed to support residential, commercial, industrial energy efficiency; research, development and deployment of clean and renewable technologies; workforce development; capacity building; and educational initiatives.
The RGGI proceeds investment goals are to reduce the cost of complying with the CO2 Budget Trading Program and advance the State's broad energy goal of moving toward a clean energy economy by reducing GHG emissions in the near-term and establishing the capacity for further reductions in the long-term.
New York already has robust electric energy efficiency (System Benefits Charge and Energy Efficiency Portfolio Standard) and renewable energy programs (Renewable Portfolio Standard). RGGI proceeds will supplement these initiatives while allowing New York to pursue a broader array of GHG reduction opportunities across sectors.
While the majority of funds will be directed at cost-effective near-term reductions, at least 25 percent will address areas that require longer investment horizons. Funds will also be used to leverage additional GHG reductions by establishing the commitments and capacity to curtail GHGs in State, regional, municipal, and other government institutions. A number of initiatives that can help reduce the disproportionate energy cost burdens and harmful environmental impacts on low-income families and environmental justice communities are also included in the portfolio of programs.
This comprehensive strategy is designed to deliver immediate benefits to New York consumers while also guiding New York toward a clean energy economy and positioning the State to pursue the aggressive carbon reduction framework needed to ensure a stable climate.
For more information on New York's participation in RGGI please consult state regulations and state press releases on the use of auction proceeds.
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