N.Y. Environmental Conservation Law § 75-0113: Value of carbon

§ 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.