New York Governor Cuomo Pledges $5 Billion for Clean Energy Fund

  • Plan will help attract $29 billion in private sector funding
  • New York seeking to get half its electricty from clean sources

New York will invest $5 billion in clean energy over a decade under a plan Governor Andrew Cuomo announced on Thursday.

The funding approved by the New York State Public Service Commission will help attract as much as $29 billion in additional private sector financing, according to a statement. Consumers already pay a surcharge for clean energy investment, and that will decrease as part of the new commitment, according to the New York State Energy Research and Development Authority, which will administer the fund.

The investments in solar and wind power, energy efficiency and grid modernization will help the state reach Cuomo’s goal of getting half its electricity from renewable sources by 2030 as well as reducing carbon dioxide emissions by as much as 133 million tons, or the equivalent of removing 1.8 million cars from the road.

“We are raising the bar when it comes to increasing the use of renewable energy and reducing harmful carbon emissions,” Cuomo said in the statement.

Part of Cuomo’s plan will also establish a support mechanism to help upstate New York’s nuclear reactors continue running in the face of declining wholesale market prices.

Before it's here, it's on the Bloomberg Terminal.