The Clean Energy Fund approved by the New York State Public Service Commission would accelerate the growth of the state’s clean energy economy and reduce harmful emissions.
Additionally, the Clean Energy Standard will be established to meet the nation’s goal to get 50% of its electricity from renewable resources by 2030.
The proposed investment would leverage more than $29bn in private sector funding and pave the way to new clean energy opportunities.
Of the total investment, around $2.7bn will be used in building clean energy supply chains, $961m in solar electric market, $782m to expand the availability of capital and increase confidence in lending for clean energy projects, and the remaining $717m in research and technology development to drive clean-tech business growth.
To be managed by the New York State Energy Research and Development Authority, the fund is anticipated to save more than $39bn in customer bill savings through innovative projects and private-public partnerships focused on reducing greenhouse gas emissions, making energy more affordable through energy efficiency and renewable energy.
Governor Andrew M. Cuomo said: "New York is a national leader in combating climate change and growing the clean energy economy – and today we are taking the next big step forward.
"We are raising the bar when it comes to increasing the use of renewable energy and reducing harmful carbon emissions, and I am proud that the Empire State is continuing to set the example for the future."
The Commission also earmarked $150m for the development of new large scale renewables power projects this year.
Image: New York state Governor Andrew M. Cuomo. Photo: courtesy of Pat Arnow / Wikipedia.
