Memorandum in Support - S.8343 (Sanders) / A.9275 (Vanel)

S.8343 (Sanders) / A.9275 (Vanel) - AN ACT in relation to establishing the New York state cryptocurrency and blockchain study task force; and providing for the repeal of such provisions upon expiration thereof

The Independent Power Producers of New York, Inc. (IPPNY) is a trade association representing companies involved in the competitive power supply industry in New York State and in the development of electric generating facilities, the generation, sale, and marketing of electric power, and the development of natural gas transmission facilities. IPPNY Member companies produce the majority of New York's electricity, utilizing hydro, nuclear, wind, natural gas, solar, energy storage, biomass, oil, and waste-to-energy.

IPPNY supports S.8343 (Sanders) / A.9275 (Vanel). This legislation would help the State identify ways to enhance the ability of energy intensive businesses to comply with the emission reduction requirements of the Climate Leadership and Community Protection Act (CLCPA). The Climate Action Council’s Draft Scoping Plan includes a provision for the State to find ways to aid energy intensive businesses to meet the CLCPA’s targets.

This bill would establish a task force to provide a report, by December 15, 2024, to inform the Governor and the Legislature about the effects of the widespread use of cryptocurrencies. The evaluation would include matters, such as: the amount of energy consumption and associated environmental impact; a review of laws and regulations of other states, the Federal Government, and other countries; and legislative and regulatory recommendations to address the long-term impact related to the use of cryptocurrency.

The NYS Department of Environmental Conservation (DEC) already enforces compliance by electricity generation used to power energy intensive businesses with air emissions and water usage requirements under its existing permit issuance and renewal processes. Further, the DEC will ensure that companies meet the CLCPA’s greenhouse gas emission reduction requirements through regulations to be promulgated by 2024. This legislation will advance the DEC’s efforts, in a timely way, to determine pathways to meet those requirements.

For the reasons stated above, IPPNY supports S.8343 (Sanders) / A.9275 (Vanel).

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