Establishes the teachers' fossil fuel divestment act; requires the New York state teachers' retirement system to divest the retirement system of any stocks, securities, equities, assets, or other obligations of corporations or companies included on an exclusion list of coal producers and oil and gas producers.
Establishes the teachers' fossil fuel divestment act; requires the New York state teachers' retirement system to divest the retirement system of any stocks, securities, equities, assets, or other obligations of corporations or companies included on an exclusion list of coal producers and oil and gas producers.
This bill requires New York state agencies to consider climate-related criteria when selecting banks for underwriting bond issuances or refinancing. It specifically mandates that banks with $100 billion or more in assets must disclose their scope 1-3 emissions, clean energy financing ratio, and policies banning support for coal projects or new fossil fuel infrastructure. Agencies must evaluate these factors as part of "best value" decisions for banking services, including credit cards and depository accounts. The law takes effect by 2027 for emissions reporting and applies to state contracts with large financial institutions.
This bill requires New York State agencies to consider specific climate criteria when purchasing banking services (like bond underwriting and depository accounts) from large banks ($100B+ in assets). It mandates that banks must disclose all greenhouse gas emissions, report their clean energy financing ratio, ban coal projects, phase out fossil fuel investments, and have a net-zero plan by 2050 to qualify for state contracts. The law takes effect in 2027, with agencies to evaluate these criteria as part of "best value" decisions for banking services. The bill directly affects large financial institutions seeking state business, aligning procurement with New York's climate goals.
S 1347 establishes a price per ton of carbon dioxide emissions for electricity generated from carbon-based fuels (like coal and natural gas) in New York. This price, based on the state's social cost of carbon, would be paid by electricity generators using these fuels. Revenues collected would fund a new Carbon Dioxide Emissions Fund, with 60% distributed as tax credits to very low-to-moderate income residents (based on area median income) and 20% supporting renewable energy transitions in disadvantaged communities. The bill directly affects electricity generators using carbon-based fuels and aims to incorporate carbon pricing into New York's climate goals under the CLCPA.
S 1528 establishes a tax on carbon-based fuels like coal, natural gas, and petroleum, imposed on fuel distributors and utilities based on carbon dioxide emissions. The tax starts at $35 per ton of carbon dioxide equivalent and increases by $15 annually to a maximum of $185 per ton. Revenue from the tax funds a dedicated "Carbon Dioxide Emissions Fund," with 60% returned as tax credits to low-to-moderate income residents (below 115% of area median income) and 40% allocated to clean energy transition, mass transit, and climate adaptation projects. The bill requires annual reporting by distributors and utilities and mandates public reporting on tax adjustments to address inflation and climate goals.
This bill establishes a price for carbon dioxide emissions from electricity generated using fossil fuels (like coal or natural gas) and creates a fund to collect revenues from this price. It directly affects electricity generators using carbon-based fuels, requiring them to pay a fee based on the social cost of carbon. The fund's revenues will be distributed as tax credits to low- and moderate-income residents (those earning below 115% of area median income) and used to support renewable energy transitions in disadvantaged communities. The bill aims to advance New York’s climate goals by incorporating carbon pricing into electricity markets while directing funds toward climate equity.
