NY Green Bank Commitments Exceed $900 Million, Driving $2.4 Billion in Clean Energy Investments
The NY Green Bank’s fourth quarter of 2019 was the strongest to date, adding nearly $118 million to its portfolio, according to a Feb. 14 announcement. With portfolio commitments exceeding $909 million, the bank has spurred $2.4 billion in clean energy investments. The bank was established in 2013 to alleviate market barriers, motivating private sector activity to expand clean energy financing markets.
The fourth quarter achievement complements NY Green Bank’s strongest calendar year yet with a total of about $276 million committed in 2019. These investments support the state’ goal of achieving 85 percent emissions reduction by 2050 and sourcing 70 percent of the state’s electricity from renewable sources by 2030. New York’s aggressive clean energy goals include 9 gigawatts of offshore wind by 2035, 6 gigawatts of distributed solar by 2025, and 3 gigawatts of energy storage by 2030.