Summary
Prohibiting RGGI Sweeps Act amends public authorities law to add a new section, requiring that funds received by RGGI are only used for clean energy technologies, and not swept to the general fund.
Explanation
Prohibiting RGGI Sweeps Act prohibits Regional Greenhouse Gas Initiative (RGGI) funds from being used for anything other than their intended purpose. Under 21 NYCRR 507.4, RGGI funds are to be used to promote and implement programs related to energy efficiency and renewables, consistent with the Climate Leadership and Community Protection Act, including Section 75-0117 of the environmental conservation law, which established a goal for disadvantaged communities to receive 40%,
Sweeping RGGI funds for anything other than their intended purposes risks the very programs that were designed to deliver lasting energy cost relief and jeopardizes long-term benefits. RGGI funds are actively deployed for programmatic investments in renewable energy, clean energy solutions, energy efficiency, and related objectives that deliver lasting reductions in household energy costs.
RGGI funds have demonstrated a 6:1 return on investment for consumer savings. Every dollar redirected away from RGGI-funded programs such as heat pumps, weatherization, and similar investments is a dollar that would have returned six to consumers over time, with disproportionate benefit to low-to-moderate income households.
Beyond the immediate harm, this sets a dangerous precedent. Once these dedicated funds are treated as a piggy bank for short-term relief, the long-term programs that depend on them are perpetually at risk. Clean energy funds should only be used for their intended purposes, especially given their proven success.
