Environment

New York to launch Green Bank

Published

11 years ago

December 26, 2013

Blue & Green Tomorrow

New York’s first bank dedicated to investment in green technology development is to open its doors at the beginning of 2014, following the announcement of $210m (£128m) worth of seed funding.

New York governor Andrew Cuomo announced the funding [http://www.governor.ny.gov/press/12192013-funding-to-ny-green-bank] last week as part of collaborations between the Public Service Commission (PSC) and the Regional Greenhouse Gas Initiative (RGGI).

The initiative intends to modernise the grid whilst curbing carbon emissions within the city.

Cuomo said, “With this funding we will attract greater investment in New York, accelerate clean energy deployment, and modernise our grid”.

He added, “Working hand-in-hand with the private sector, the New York Green Bank will also promote job growth, improve air quality, and provide New Yorkers with greater choice and value for their money”.

Heather Briccetti, president of the Business Council said, “Affordable, reliable energy is key for economic growth across New York. Through the Green Bank, Governor Cuomo, the PSC and New York State Energy Research and Development Authority are taking positive actions to balance today’s energy needs with our longer term objectives to transition to a cost-effective, clean energy system”.

The announcement represents a small part of Cuomo’s wider ambitions to create a greener future for New York. He recently proposed an expansion of New York’s solar programme, pledging to pump $1.5 billion over the next 10 years to furthering domestic and industrial installations.

This comes after nine out of 10 Americans said they wanted to see a greater emphasis on renewables in September, according to a poll by solar developer Sungevity.