New York to invest $35 billion in renewable energy supporting 158,000 jobs

According to NY State government announcement, New York is on a path to achieve its mandated goal of a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and to reach economy wide carbon neutrality.

New York’s unprecedented investments to ramp-up clean energy including over $35 billion in 120 large-scale renewable and transmission projects across the state, $6.8 billion to reduce buildings emissions, $1.8 billion to scale up solar, more than $1 billion for clean transportation initiatives and over $1.6 billion in NY Green Bank commitments.

Combined, these investments are supporting nearly 158,000 jobs in New York’s clean energy sector in 2020, a 2,100 percent growth in the distributed solar sector since 2011 and a commitment to develop 9,000 megawatts of offshore wind by 2035.

Under the Climate Act, New York will build on this progress and reduce greenhouse gas emissions by 85 percent from 1990 levels by 2050, while ensuring that at least 35 percent with a goal of 40 percent of the benefits of clean energy investments are directed to disadvantaged communities and advance progress towards the state’s 2025 energy efficiency target of reducing on-site energy consumption by 185 trillion BTUs of end-use energy savings.

“As a climate leader, New York is aggressively working with companies that can bring new technologies to the table as we work to lower greenhouse gas emissions and hit our ambitious climate goals.” Governor Hochul said. “This initiative will draw companies to join our growing green economy and connect them with manufacturing facilities across the state, including those located in underserved areas, to support economic opportunity and local supply chains as we continue our work to address climate change head on.”