NY Gov. Cuomo proposes $1B 'green bank' to invest in cleantech

New York Gov. Andrew Cuomo announced this week incentives and public funds that will be made available for renewable energy development.
Donna Abbott Vlahos | The Business Review

New York Gov. Andrew Cuomo announced this week incentives and public funds that will be made available for renewable energy development. 

In his state of the state address this week New York Gov. Andrew Cuomo hit on a lot of national hot buttons including gun control and education reform.

But tucked into the speech was his declaration that New York would make a serious play for the clean energy industry, establishing a $1 billion "green bank" to leverage private-sector investments in cleantech technologies.

Greentech Media reports that the bank will be funded by a portion of money from the energy efficiency portfolio standards, renewable portfolio standards or system benefit charge to attract the private investment.

Cuomo also named a former adviser to the U.S. Department of Energy Secretary Steven Chu, Richard Kauffman, as the state’s first cabinet-level energy czar.

ThinkProgress speculates that climate change concerns are top-of-mind in a post-Sandy New York and expects the that Cuomo's initiatives, which also include a 10-year expansion of the state's solar program, will mean a "massive expansion of renewables and efficiency in New York."

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