New York invests an additional $2 billion to combat climate change


The New York state government has announced an additional $2 billion in energy efficiency and building electrification programmes.

The main aim is to combat climate change.

The investments will be provided by the New York State Public Service Commission (NYSERDA) to help consumers of investor-owned utilities to save money and energy.

The investment will result in a 3% reduction in annual electric usage and a 1.3% reduction in annual gas usage by 2025

Up to $6.8 million of the announced funding will be directed towards clean heat and energy efficiency programmes by NYSERDA, the New York Power Authority and the Long Island Power through 2025.

$1.2 billion will be devoted to energy efficiency measures and heat pumps.

More than $13 billion in utility bills is expected to be saved from programmes set to be funded by the $2 billion. The investment is also expected to reduce carbon emissions by 3 million tons, equivalent to removing 600,000 gas-powered cars from the roads.

The investment is expected to help the state to reduce greenhouse gas emissions by 85% by 2050.

Governor Cuomo said: “Climate change is a real and growing threat to New York’s environment and economy and to the health of our people, and we’re already experiencing the negative impacts in the form of increased weather-related emergencies.

“This historic investment shows we are aggressively pursuing clean energy alternatives to reduce our reliance on fossil fuels, growing jobs in clean energy industries and protecting our environment for current and future generations.”