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Clean Path New York: $270 million investment fund for development of the new green economy

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Wed, Jul 14th 2021 05:25 pm

Fund to be developed with communities and stakeholders and focuses on job training, education, community health and the environment in New York

Clean Path New York announced a $270 million fund to “provide an opportunity for all New Yorkers to thrive in the new green economy.”

The fund will serve both communities near generation facilitates and those located along the 175-mile, 1,300 megawatt HVDC transmission link that will create a direct connection between clean energy generated upstate to load centers in New York City. A press release stated, “ ‘All renewable, all New York’ means keeping jobs and investment in New York state.”

The project team – a collaboration between New York Power Authority, energyRe and Invenergy – will make $270 million in investments focused on job training, education, community health and the environment. The project team is “committed to working with communities and stakeholders at every stage of development to ensure that local voices are sought and heard. This is especially true for environmental justice communities, an essential part of the development of the new green economy.”

The investment includes:

√ $70 million to support workforce development and education programs focused on increasing minority participation in the green economy;

√ $100 million in increased funding for existing workforce development, local apprenticeship and education programs currently administered by NYPA;

√ $50 million investment in access to medical care and health services in disadvantaged communities; and

√ $50 million in efficiency and electrification retrofits in disadvantaged communities to spur local investment, create good jobs and reduce the environmental burden existing buildings place on local communities.

The $270 million community investment fund compliments additional financial and health benefits of the project, including:

√ $6.25B in social and public health costs, 49% of which are accrued in disadvantaged communities over 25 years;

√ $12B in ratepayer savings;

√ $1.6B in state and local tax revenue over 25 years; and

√ 10,500 clean energy and construction jobs exclusively to New York state

The press release added, “The Clean Path New York project will play a critical role in helping New York state meet the targets outlined in the state’s landmark climate legislation, the Climate Leadership and Community Protection Act, which requires New York’s electricity supply to be 70% carbon-free by 2030. The long-term ownership of the transmission line will transfer ownership to NYPA, continuing to benefit New Yorkers for generations to come.”

Jeff Blau, founding partner of energyRe, said, “Developing a clean energy future is not only essential in the fight against climate change, it is also an economic opportunity that should directly benefit New Yorkers. We’re proud to initiate an investment fund to compliment a public infrastructure project that will create a more environmentally just New York and employ thousands of New Yorkers in the process.”

Michael Polsky, founder and CEO of Invenergy, said, “Clean Path NY will harness the power of renewable energy to deliver positive impacts for citizens across New York for decades to come, including environmental benefits, local economic investment and infrastructure improvements. As a leader in clean energy development in New York, Invenergy is proud to bring not only our renewable energy generation and critical infrastructure expertise, but also our community engagement experience to provide an opportunity for all New Yorkers to thrive in the new green economy.”

Gil C. Quiniones, NYPA president and CEO, said, “As we build the clean energy economy for the future, we need to ensure that our communities have the opportunity to participate. This unprecedented investment in workforce development to enable a just transition through support for local apprenticeships and MWBE programs, funding for health services and medical care and programs to reduce the environmental burden in disadvantaged communities will make New York a better place to live and work and will benefit all New Yorkers.”

Elise Zoli, global head of Jones Day's Future of Energy, Renewables and Sustainability, said, “In addition to a focus on carbon reduction, energy projects today are developed alongside the communities where they are located, creating harmony between community members, employees and shareholders. The development of this generous fund engages all stakeholders in a way that takes into consideration the historical social and environmental injustices and seeks new alliances that benefit all stakeholders.”

The Clean Path New York project was formed as a response to a request for proposals from the New York State Energy Research and Development Authority (NYSERDA) aimed at increasing the penetration of renewable energy into New York City.

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