$5bn to boost energy efficiency and renewables in New York

A fund worth $5 billion (£3.4bn) has been announced to boost energy efficiency and renewables in New York. The ‘Clean Energy Fund’ aims to accelerate the growth of a clean […]

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By Jacqueline Echevarria

A fund worth $5 billion (£3.4bn) has been announced to boost energy efficiency and renewables in New York.

The ‘Clean Energy Fund’ aims to accelerate the growth of a clean energy economy, address climate change, strengthen resilience for extreme weather and reduce energy bills.

It is projected to result in more than $39 billion (£26.5bn) in customer bill savings in the next 10 years.

The funding will also support Governor Andrew M. Cuomo’s goal to meet 50% of the state’s electricity needs with renewable resources by 2030.

Mr 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. This unparalleled $5 billion (£3.4bn) investment will leverage more than $29 billion (£19.7bn) in private sector funding and open the door to new clean energy opportunities for years to come.

“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.”