I lived in NYC for 3 fantastic years, just about completed it's world famous marathon in 2017 and recently recruited 11 members of the Key Capture Energy team as they've built the biggest battery energy storage system in New York - the Empire State will always be a very special place for me!
And as the 11th largest economy in the world, New York is doing something very special itself - the state has recently enacted the US’ most aggressive climate change legislation and by 2040, the state must get all of its electricity from zero-emission sources.
So, how does a state of 19.8 million citizens, which in 2018 generated more than 40% of its energy from fossil fuels, reach zero emissions in only two decades?
The New York Independent System Operator, who have managed New York’s electric grid and its competitive wholesale electric marketplace for 20 years, believes a carbon-pricing proposal can play a significant role.
Pricing CO2 emissions would make cleaner energy more profitable and carbon-emitting energy less economic. It also appropriately places the financial risk for developing cleaner, greener technology on investors rather than consumers.
The proposal would eventually need to be reviewed and accepted by the Federal Energy Regulatory Commission but it looks to have a huge opportunity to reduce CO2 emissions and encourage technological innovation and large-scale infrastructure development".
And this is where we come in.
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The report also found that carbon pricing can: · Reduce the consumer cost of reaching 100% carbon-free emissions · Help grow investment and innovation in clean energy generation · Promote innovation and energy efficiency in fossil fuel-burning technology · Improve public health by encouraging the retirement of the highest-emitting generators · Affirm New York’s position as a national leader on climate change