NYS Seeking to Leverage $1.6 Billion in Private Capital for Clean, Renewable Energy Development
New York State is seeking $1.5 billion dollars of private investment to increase the state’s renewable energy production. Governor Cuomo recently announced the plan following President Trump’s recent decision to pull-out of the Paris Climate Agreement. Cuomo hopes to considerably increase clean energy infrastructure and jobs by 2020. The initiative is the largest renewable energy pledge of any state in U.S. history.
“The 1.6 billion dollars is going to accelerate our move towards renewable sources, which is how we will have the most aggressive renewable standard in the nation, and comply with the Paris Accords.”
Cuomo is also referring there to an additional $150 million the New York Power Authority intends to double in energy efficiency projects. The Chief Commercial Officer of the New York Power Authority Jill Anderson says that New York is simply honoring existing commitments to make clean energy more widely available.
“The state was already charting a path to creating these clean energy jobs. And now, with this announcement, we’re just taking some real tangible steps forward to achieve those objectives.”
The State is optimistic that clean energy infrastructure is flexible enough to create economic opportunities across New York. Anderson says that fossil fuel plants are situated in disadvantaged communities; however, clean energy plants can be constructed in more diverse areas.
“From the construction of new power plants, wind turbines, and large solar farms, to distributed renewable energy in residences and projects, we’re going to have to get into all the communities around the state, urban and rural, in order to execute on the governor’s vision.”
The Clean Climate Careers initiative also calls for the creation of 40,000 new jobs in the clean energy sector by 2020.
“The types of jobs that will be created include engineers, architects, construction, operating and maintenance jobs for new power plants, along with the distributed energy such as the solar panels that will be included on rooftops. There’ll be new education jobs in order to train the workforce of this clean energy system.”
Anderson argues that the growing global demand for renewable energy for solar, wind and others is growing and has permanently shifted the course of energy technology. For that reason she says no individual administration can turn the tide of energy progress back to fossil fuels as they were 20 years ago. Read Governor Cuomo's Executive Order on the initiative by clicking here.