N.Y. Comp. Codes R. & Regs. tit. 21 § 507.4

Current through Register Vol. 46, No. 22, May 29, 2024

Section 507.4 - The energy efficiency and clean energy technology account

(a) The Authority will establish and administer the Account in accordance with the provisions of 6 NYCRR Part 242-1.2(35) and 242-5.3.

(b) The Authority will administer the Account in such a manner that allowances allocated to the Account by the Department from the CO2 Budget Trading Program will be made available for sale in CO2 Allowance Auctions as described in this Part.

(c) The proceeds of the CO2 Allowance Auctions will be placed into a segregated Authority funding account, and shall not be commingled with other Authority funds.

(d) The proceeds of the CO2 Allowance Auctions will be used by the Authority to promote and implement programs for energy efficiency, renewable or non-carbon emitting technologies, and innovative carbon emissions abatement technologies with significant carbon reduction potential, where such investments will be consistent with the provisions of the Climate Leadership and Community Protection Act, including Section 75-0117 of the environmental conservation law, which established a goal for disadvantaged communities to receive 40%, and no less than 35%, of the overall benefits from the investment of the proceeds, and for reasonable administrative costs incurred by the Authority in undertaking the activities described in Part 507 and for administrative costs, auction design and support costs, and program design and support costs associated with the CO2 Budget Trading Program, whenever incurred.

(e) At least annually, the Authority shall convene an advisory group of stakeholders representing a broad array of energy and environmental interests to advise it on how to best utilize said funds to achieve the goals of the Account.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 507.4

Amended New York State Register December 30, 2020/Volume XLII, Issue 52, eff. 12/30/2020