New York’s first bank aimed at boosting clean energy projects is set to launch early next year after an initial $210 million (£128.4m) of funding was unveiled.

Called the NY Green Bank, it is expected to capitalise with $1 billion (£0.6bn) in total and serve as a financial engine to scale up low carbon and renewable projects.

Initial funding includes $165 million (£100.8m) redirected from other programmes and $45 million (£27.5m) from the Regional Greenhouse Gas initiative.

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

The UK also has its own initiative called the Green Investment Bank (GIB) which was launched in November last year.