Establishes a carbon dioxide emissions price for electric generation from carbon-based fuel; creates a carbon dioxide emissions fund.

This bill aims to put a price on carbon dioxide emissions produced by electric generation that uses carbon-based fuels. The revenue generated from this pricing will go into a special fund dedicated to addressing carbon emissions. The goal is to encourage cleaner energy production and reduce the impact of climate change.

Supporters of the bill argue that it is a crucial step towards combating climate change by incentivizing a shift to cleaner energy sources. They believe that the carbon pricing mechanism will not only help reduce emissions but also generate funds that can be used for renewable energy projects and environmental initiatives. This legislation positions New York as a leader in environmental policy.

Critics contend that implementing a carbon price could lead to higher electricity costs for consumers and businesses, potentially harming the economy. They argue that this bill may disproportionately affect low-income households and could lead to job losses in traditional energy sectors. Opponents also express concern that the fund created by this bill might not be effectively managed or utilized.