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New York Green Bank confirmed as “open for business”
February 12, 2014
New York Green Bank confirmed as “open for business”
New York has officially launched its Green Bank, confirming plans to boost investment in environmental technologies and renewable energy, such as wind farms and solar panels. Governor Andrew Cuomo announced that the bank officially started operations yesterday, outlining how it will invest alongside other parties in clean power and energy efficiency projects.
In the long term, the Green Bank is expected to be capitalized with $1 billion, which, like the UK’s Green Investment Bank, will be used to leverage additional private investment. It opened with $210 million funding, $165 million of which has been redirected from unallocated government funds such as surcharges on utility bills that the state already collects to fund energy efficiency programs and $45 million that has been raised through the Regional Greenhouse Gas Initiative emissions trading scheme.
The bank said it expects to support a wide range of businesses and technologies, including solar, wind and other renewable energy generation technologies, as well as energy efficiency measures and onsite generation.
Read more at Business Green.
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