Elected officials and climate leaders in New York just took a major step in committing to climate solutions. Their plan: to invest $5 billion into the clean and renewable energy sectors over the next ten years. In a move spearheaded by the state’s governor, Andrew Cuomo, and approved by the Public Service Commission, the funding is expected to bring the state up to $29 billion in additional private sector financing.
The surge in funding will target investments in wind and solar power infrastructure, redoubling efforts to improve energy efficiency, and will modernize the state’s electricity grid. The climate action plan will help drive down New York's green house gas emissions, helping the State to accrue half its energy from renewables by 2030.
New York is showing that through strong political leadership, meaningful climate action is possible. With a $5 billion dollar investment, city officials will bring in exponential private sector financing and funding—multiplying the climate impacts. Equally important will be the many benefits to residents throughout the state. Cleaner energy production and reduced emissions can drive down electricity bills, create healthier communities for families, and provide new stable, high paying jobs.
New York will invest $5 billion in clean energy over a decade under a plan Governor Andrew Cuomo announced on Thursday.
The funding approved by the New York State Public Service Commission will help attract as much as $29 billion in additional private sector financing, according to a statement. Consumers already pay a surcharge for clean energy investment, and that will decrease as part of the new commitment, according to the New York State Energy Research and Development Authority, which will administer the fund.
Stay connected and get updates from Path to Positive.Subscribe