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HomeClimate ChangeNY Green Bank Announces $250 Million Community Decarbonization Fund

NY Green Bank Announces $250 Million Community Decarbonization Fund

 

 

 

New York Launches $250 Million Fund to Support Clean Energy in Disadvantaged Communities

Governor Kathy Hochul today announced the launch of a $250 million Community Decarbonization Fund (CDF) to support clean energy projects in disadvantaged communities across New York State. The CDF, a wholesale lending pathway that will provide low-cost capital to Community Development Financial Institutions (CDFIs) and other mission-driven lenders, will support lenders financing projects that reduce greenhouse gas emissions in disadvantaged communities.

The CDF is part of New York’s nation-leading climate agenda, which calls for an orderly and just transition that creates family-sustaining jobs, continues fostering a green economy across all sectors, and ensures that at least 35 percent, with a goal of 40 percent, of the benefits of clean energy investments are directed to disadvantaged communities.

Since its launch in 2013, NY Green Bank has committed $1.9 billion across 120 transactions and mobilized $5.6 billion in capital. Projects supported by NY Green Bank investments are estimated to result in annual greenhouse gas emissions reductions of up to 1,910,000 metric tons, equivalent to removing more than 415,000 cars from the road.

The CDF is expected to support more than 100 projects over the next five years, with a goal of reducing greenhouse gas emissions by 500,000 metric tons annually. The projects will be located in disadvantaged communities across New York State, including:

  • The Bronx
  • Brooklyn
  • Queens
  • Manhattan
  • Staten Island
  • Upstate New York

The CDF will support a variety of clean energy projects, including:

  • Rooftop solar
  • Building electrification
  • Energy efficiency improvements
  • Clean heating and cooling solutions
  • Green affordable housing

The CDF is open to all CDFIs and other mission-driven lenders that are committed to supporting clean energy projects in disadvantaged communities. To learn more about the CDF and apply for funding, please visit the NY Green Bank website.

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