New York to collect over $1 bln with big polluter permits

STORY: "Big emitters will have to purchase permits to sell polluting fuels. The dirtier the fuel - the bigger the price tag," Hochul said during the address at the state Capitol in Albany, adding that the proceeds will be used to "cover utility bills, transportation costs, and de-carbonization efforts."

The program, which reduces the emissions cap each year, will be designed by the state's Department of Environmental Conservation and the New York State Energy Research and Development Authority in line with the state's mandate to achieve emission cuts of 40% from 1990 levels by 2030, and of 85% by 2050.

Large-scale greenhouse gas emitters and distributors of heating and transportation fuels will have to buy permits for each metric ton of emissions associated with their activities, pushing them to transition to less-polluting alternatives, the governor's office said.