NY Green Bank open for business

The Empire State has opened the doors to the New York Green Bank.

The largest such statewide institution in the US, it seeks to accelerate the flow of capital into the state’s small but fast-growing renewables sector.

The bank, which follows models like the UK’s Green Investment Bank, was initially capitalised with $210m in public money which will be used to leverage up private investment in renewables and energy-efficiency.

Of the state’s contribution thus far, $165m was redirected from other clean-energy programmes and the remainder comes from proceeds from the Regional Greenhouse Gas Initiative, the carbon cap-and-trade covering nine northeastern US states.

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