The city of New York is proud to be the base for the Green Bank statewide organization, the largest one in the U.S. The initiative is there to boost the private clean energy sector by providing financial support for renewable energy and environmental projects. According to the Governor, Andrew Cuomo, clean energy is the main priority for the New York State, and the best way to demonstrate this is by launching the Green Bank.
Initially, the bank will start with a capital of $210 million, which will be directed towards the renewable energy sector only, and more specifically towards innovative and attractive projects, initiated by the private sector. The president of NY’s Green Bank, Alfred Griffin, is extremely positive about the future of the venture. He believes that investors and small businesses are now finally given the opportunity to pursue their clean-energy plans.
The idea of the $1 billion Green Bank project was introduced by the Governor in 2013, and since then it has received a huge support, especially by the private sector, which is currently kept slightly on the side of the clean energy financing market. By the look of it, the initiative is going to completely transform the clean energy economy in NY, by not only stimulating new exciting projects and economic developments, but also by raising awareness and creating thousands of new job opportunities.
The long-term plan is that the Green Bank steps out as soon as the private sector is fully involved and confident that they can execute clean energy projects, which are definitely interesting for the market. By providing a different financial support model than the currently existing one-off subsidy, the private sector will be stimulated in a much better and much cheaper way.
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