With a $210M initial funding approval, NY Green Bank is poised to begin operations in early 2014. On December 19, 2013, New York State Governor Andrew M. Cuomo announced $210M initial capitalization for the $1B New York Green Bank, a market-based clean energy funding initiative launched in September. The funding includes $165M Public Service Commission… Keep reading →
In his 2013 State of the State Address, New York Governor Andrew M. Cuomo proposed a $1 billion “Green Bank” to draw in private sector money and spark investment in clean energy projects. The Governor also named a “Cabinet-Level Energy Czar” to advance his clean tech strategies. The announcements are a step forward to promote renewable energy development and boost New York’s clean energy economy.
Governor Cuomo, at his 2013 State of the State address on January 9, 2013, announced innovative proposals to continue clean energy economy advancement. Central to his strategy is a $1 billion Green Bank, a fund that will draw in private sector money to match public funds and spur investment in clean energy technologies. The goal is to provide low-cost and low-risk financing for renewable projects and energy efficiency programs. Part of the funds from Energy Efficiency Portfolio, Renewable Portfolio Standards, and System Benefit Charge will fund the Bank and attract private investment. Governor Cuomo also named Richard Kauffman, Senior Advisor to Energy Secretary Steven Chu, as “Cabinet-Level Energy Czar.” Kauffman will oversee the Green Bank and head the new sub-cabinet formed to oversee clean energy policy and funding. Keep reading →
Hurricane Sandy left over eight million people along the East Coast without power. More than a week later, nearly two million are still in the dark. With a warming planet, it’s likely there will be more Sandy-strength storms in the years to come. At a press conference last week, New York Gov. Andrew Cuomo said the city needs to “not only rebuild, but rebuild stronger and smarter.”
So how should the nation prepare? Weather isn’t the only reason to update the grid. Power outages cost the nation between $80 billion and $180 billion each year, according to research by Massoud Amin, a senior member of Institute for Electrical and Electronics Engineers. And they’re getting worse. The number of major outages has doubled in the last 10 years.
