An op-ed in The Hill by Richard Kauffman, chairman of Energy and Finance for New York, sets the record straight on the NY Green Bank.
He notes that, “skeptics frequently claim that the renewable energy sector cannot create a meaningful number of employment opportunities. A quick look at the solar industry alone demonstrates that clean energy is in fact a job creator. The U.S. solar industry has more workers today than either the coal mining industry or the steel industry. Nationally, these 120,000 solar jobs are just one part of the broader clean energy industry that also includes wind, energy efficiency services, fuel cells, batteries, and a range of other clean energy solutions. And this is just the beginning.”
He reiterated that the clean energy industry warrants continued support and that New York is already seeing tangible results through rapidly declining renewable energy costs.
Read the full op-ed on The Hill’s website.
Governor Cuomo announced $210 million in initial funding for NY Green Bank, a market oriented approach to accelerate clean energy deployment, create jobs, and help make our communities more resilient and sustainable. Initial funding combines $165 million redirected from other programs and approved today by the Public Service Commission (PSC) and $45 million from the Regional Greenhouse Gas Initiative (RGGI).
“Affordable, reliable energy is key for economic growth across New York. Through the Green Bank, Governor Cuomo, the PSC and New York State Energy Research and Development Authority are taking positive actions to balance today’s energy needs with our longer term objectives to transition to a cost-effective, clean energy system,” said Heather C. Briccetti, Esq., president and CEO of The Business Council. “The Business Council supports the market transformative opportunities that will be promoted through the Green Bank.”
With today’s PSC approval, the NY Green Bank is expected to open for business and offer its first financial products in early 2014. The NY Green Bank will partner with private sector institutions by providing financial products such as credit enhancement, loan loss reserves and loan bundling to support securitization and build secondary markets. These products will support economically viable clean energy projects that cannot currently access financing due to market barriers, such as federal policy uncertainty, insufficient performance data, and the lack of publicly traded capital markets for clean energy.