New York Agencies Start Work on Cap-and-Invest Climate Program - Bloomberg Law
New York Agencies Start Work on Cap-and-Invest Climate Program
New York state regulators grappled Thursday with key issues confronting the development a nascent cap-and-invest program, part of the state’s plan to reduce carbon emissions to hit climate goals in the coming decade.
The program will set an economy-wide cap on greenhouse gas emissions that will decline over time. Major emitters and companies that distribute heating and transportation fuels will have to buy credits for their emissions.
About one-third of the auction proceeds will go back to New Yorkers to help address energy affordability. The rest will go toward investments such as climate change mitigation, energy efficiency, and clean transportation. ...
Related Knowledge Center: Climate legislation
The federal government and states are in the process of implementing two laws — the Infrastructure Investment and Jobs Act and the Inflation Reduction Act — an investment of more than a trillion dollars to address climate change.