Support the development of renewable power resources
Currently, most renewable resources require financial assistance to address high upfront costs. Such funding is available at the state level. For example, it is estimated that the Renewable Portfolio Standard, administered by the New York State Energy Research and Development Authority, could have an economic potential to support 3,348 megawatts (MW) of new renewable generation by 2020, and 15,594 MW by 2030. If this potential is realized, the state would achieve annual GHG reductions of 2.33 million metric tons by 2020, and 13.51 million metric tons by 2030. Funding is also available through the Regional Greenhouse Gas Initiative, which sets a regional carbon dioxide (CO2) cap for the power sector and sells CO2 allowances to power generation facilities in participating states. The revenue is used to support cleaner fuel, renewable energy, and energy efficiency-related initiatives. RGGI funds have been used to invest in new equipment that will generate approximately 7.3 million fewer metric tons of CO2. over the its useful life. We must work with the State to ensure these and future funds are fully used to support renewable and energy efficiency programs.