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This entry was published on 2020-01-03
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SECTION 75-0113
Value of carbon
Environmental Conservation (ENV) CHAPTER 43-B, ARTICLE 75
§ 75-0113. Value of carbon.

1. No later than one year after the effective date of this article,
the department, in consultation with the New York state energy research
and development authority, shall establish a social cost of carbon for
use by state agencies, expressed in terms of dollars per ton of carbon
dioxide equivalent.

2. The social cost of carbon shall serve as a monetary estimate of the
value of not emitting a ton of greenhouse gas emissions. As determined
by the department, the social cost of carbon may be based on marginal
greenhouse gas abatement costs or on the global economic, environmental,
and social impacts of emitting a marginal ton of greenhouse gas
emissions into the atmosphere, utilizing a range of appropriate discount
rates, including a rate of zero.

3. In developing the social cost of carbon, the department shall
consider prior or existing estimates of the social cost of carbon issued
or adopted by the federal government, appropriate international bodies,
or other appropriate and reputable scientific organizations.