The New York State Department of Environmental Conservation (DEC) and the New York State Energy Research and Development Authority (NYSERDA) have released two significant documents to further the development of New York’s Cap-and-Invest Program (NYCI).
This program is designed to reduce greenhouse gas emissions, improve public health, and support disadvantaged communities in combating climate change. The Pre-Proposal Outline and the Climate Affordability Study provide a framework for the NYCI’s design, ensuring it effectively caps greenhouse gas emissions, limits energy costs for New Yorkers, and invests in equitable emission reduction programs. DEC Commissioner Basil Seggos and NYSERDA President and CEO Doreen M. Harris emphasized the importance of stakeholder engagement in implementing NYCI in a just and equitable manner.
The NYCI, recommended by the Climate Action Council’s Scoping Plan and proposed in Governor Kathy Hochul’s 2023 State of the State Address, includes various mechanisms to support the transition to a less carbon-intensive economy. The Pre-Proposal Outline details the program’s anticipated design, such as emission source reporting, compliance processes, and allowance budget trajectories. The Climate Affordability Study, developed in collaboration with multiple state departments, explores how to deliver NYCI proceeds to New Yorkers effectively.
DEC and NYSERDA will continue public discussions on NYCI’s regulatory proposals through virtual stakeholder meetings scheduled for January 2023, with a focus on the role of Cap-and-Invest, program design, and preliminary analysis. Recordings of these webinars and additional resources are available on the Cap-and-Invest website. To view the documents, register for webinars, and provide feedback on the pre-proposal, stakeholders can visit www.capandinvest.ny.gov.
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