N.Y. Comp. Codes R. & Regs. Tit. 6 §§ 242-10.7
Current through Register Vol. 46, No. 45, November 2, 2024
Section 242-10.7 - Award and Recordation of CO[2] offset allowances(a) 'Quantities of CO2 offset allowances that may be awarded, and subsequently recorded'. (1) Award of CO2 offset allowances for CO2 emissions offset projects. Following the issuance of a consistency determination under paragraph 242-10.4(e)(2) of this Subpart and the approval of a monitoring and verification report under the provisions of subdivision (e) of this section, the department will award one CO2 offset allowance for each ton of demonstrated reduction in CO2 or CO2 equivalent emissions or sequestration of CO2.(2) Recordation of CO2 offset allowances. After CO2 offset allowances are awarded under paragraph (1) of this subdivision, the Department shall record such CO2 offset allowances in the project sponsor's general account.(b) 'Deadlines for submittal of monitoring and verification reports'. (1) For CO2 emissions offset projects undertaken prior to January 1, 2009, the project sponsor must submit the monitoring and verification report covering the pre-2009 period by June 30, 2009.(2) For CO2 emissions offset projects undertaken on or after January 1, 2009, the monitoring and verification report must be submitted within 6 months following the completion of the last calendar year during which the offset project achieved CO2 equivalent reductions or sequestration of CO2 for which the project sponsor seeks the award of CO2 offset allowances.(c) 'Contents of monitoring and verification reports'. For an offset project, the monitoring and verification report must include the following information. (1) The project's sponsor's name, address, e-mail address, telephone number, facsimile transmission number, and account number.(2) The CO2 emissions reduction or CO2 sequestration determination as required by the relevant provisions of section 242-10.5 of this Subpart, including a demonstration that the project sponsor complied with the required quantification, monitoring, and verification procedures under section 242-10.5 of this Subpart, as well as those outlined in the consistency application approved pursuant to paragraph 242-10.4(e)(2) of this Subpart.(3) A signed statement that reads "The undersigned project sponsor hereby confirms and attests that the offset project upon which this monitoring and verification report is based is in full compliance with all of the requirements of Subpart 242-10. The project sponsor holds the legal rights to the offset project, or has been granted the right to act on behalf of a party that holds the legal rights to the offset project. I understand that eligibility for the award of CO2 offset allowances under Subpart 242-10 is contingent on meeting the requirements of Subpart 242-10. I authorize the department or its agent to audit this offset project for purposes of verifying that the offset project, including the monitoring and verification plan, has been implemented as described in the consistency application that was the subject of a consistency determination by the department. I understand that this right to audit shall include the right to enter the physical location of the offset project and to make available to the department or its agent, any and all documentation relating to the offset project at the department's request. I submit to the legal jurisdiction of New York State."(4) A certification signed by the offset project sponsor certifying that all offset projects for which the sponsor has received offset allowances under this Subpart (or similar provisions in the rules of other participating states), under the sponsor's ownership or control (or under the ownership or control of any entity which controls, is controlled by, or has common control with the sponsor) are in compliance with all applicable requirements of the CO2 Budget Trading Program in all participating states.(5) A verification report and certification statement signed by an independent verifier accredited pursuant to section 242-10.6 of this Subpart that documents that the independent verifier has reviewed the monitoring and verification report and evaluated the following in relation to the applicable requirements at section 242-10.5 of this Subpart, and any applicable guidance issued by the department. (i) The adequacy and validity of information supplied by the project sponsor to determine CO2 emissions reductions or CO2 sequestration pursuant to the applicable requirements at section 242-10.5 of this Subpart.(ii) The adequacy and consistency of methods used to quantify, monitor, and verify CO2 emissions reductions and CO2 sequestration in accordance with the applicable requirements at section 242-10.5 of this Subpart and as outlined in the consistency application approved pursuant to paragraph 242-10.4(e)(2) of this Subpart.(iii) Such other evaluations and verification reviews as may be required by the department. The adequacy and validity of information supplied by the project sponsor to demonstrate that the offset project meets the applicable eligibility requirements of section 242-10.5 of this Subpart.(6) Disclosure of any voluntary or mandatory programs, other than the CO2 Budget Trading Program, to which greenhouse gas emissions data related to the offset project has been, or will be reported. (7) For offset projects located in a state or United States jurisdiction that is not a participating state, a demonstration that the project sponsor has complied with all requirements of the cooperating department in the state or United States jurisdiction where the offset project is located.(d) 'Prohibition against filing monitoring and verification reports in more than one participating state'. Monitoring and verification reports may only be filed under this section for projects that have received consistency determinations under paragraph 242-10.4(e)(2) of this Subpart. Monitoring and verification reports may not be filed under this section for projects that have received consistency determinations in other participating states.(e) 'Department action on monitoring and verification reports'. The department will approve or deny a complete monitoring and verification report within 45 days following receipt of a complete report. A complete monitoring and verification report is one that is in a format approved by the department and is determined to be complete for the purposes of commencing review of the monitoring and verification report. In no event shall a completeness determination prevent the department from requesting additional information in order to enable the department to approve or deny a monitoring and verification report filed under this section.N.Y. Comp. Codes R. & Regs. Tit. 6 §§ 242-10.7
Amended New York State Register December 16, 2020/Volume XLII, Issue 50, eff. 12/31/2020