US Governor Andrew M. Cuomo has announced the New York State Public Service Commission's approval of a 10-year, US$ 5 billion Clean Energy Fund to accelerate the growth of New York's clean energy economy.
Additionally, the fund will attract and leverage third-party capital to support the Governor's Clean Energy Standard, to meet 50 per cent of their electricity needs with renewable resources by 2030. This US$ 5 billion investment will leverage more than US$ 29 billion in private sector funding. The fund is projected to result in more than $39 billion in customer bill savings over the next 10 years through innovative projects and private-public partnerships focused on reducing greenhouse gas emissions, making energy more affordable through energy efficiency and renewable energy, and mobilising private-sector capital.