New York Emissions Credit Plan Presents Challenge for Regulator

New York regulators will likely miss a statutory deadline for issuing rules that put an ambitious carbon emissions program into effect, but only because they need time to think through how to create an economy-wide plan, according to the state’s top environmental official.

State lawmakers approved the plan, known as cap and invest, as part of the budget process in May. Under the plan, major emitters and companies that distribute heating and transportation fuel will have to buy credits for their emissions. About one-third of the proceeds will go back to New Yorkers to help address energy affordability, and ...