Clean energy finance is thriving in New York State. This week, Governor Cuomo announced the New York Green Bank’s first set of deals, totaling an impressive $800 million in clean energy investments across the state. The projects funded by this investment will yield an impressive annual reduction of 575,000 tons of carbon dioxide emissions, roughly equivalent to removing 120,000 cars from the road or planting 15 million trees per year. This move helps cement New York’s role as a leading state in the clean energy economy.
By offering attractive interest rates and other incentives to stimulate interest from the private sector, green banks encourage investment in clean energy projects that may otherwise have difficulty obtaining private financing. Ideally, these initial deals then set the stage for an active and self-sustaining market in renewable energy and energy efficiency finance.
And the NY Green Bank is starting off swinging: its initial investment of $200 million catalyzed $600 million more in investment from prominent financial institutions, such as Bank of America Merrill Lynch and Deutsche Bank. Read More
Source: Kevin Case Flickr
Over the weekend, New York City Mayor de Blasio unveiled an ambitious plan to address energy use in the city’s buildings, called NYC Built to Last. Through this plan, NYC is committing to reduce its emissions by 80 percent below 2005 levels by 2050. This makes NYC the largest city in the world to commit to a goal like this. Representing three quarters of the city’s greenhouse gas emissions, New York City buildings must play a central role in any effective climate action plan, and Mayor de Blasio knows this.
A key component of this plan is the ‘retrofit accelerator,’ a program modeled on the successful NYC Clean Heat program. Retrofit accelerator aims to upgrade 20,000 private buildings, making up 15 percent of citywide built square footage. Of these buildings, 40 percent of them will be low-income housing.
EDF partnered with the City to create NYC Clean Heat, which forged a diverse coalition of financial, real estate, and non-profit communities to launch a $100 million financing program to help phase out dirty heating oils. Last week, the City announced the program met its goal of reducing soot pollution from heating oil in NYC by 50 percent. The program helped 4,000 buildings – half of them affordable housing – convert to cleaner, more efficient heating fuels. Read More
Next week, climate delegates from around the world will flood into the city for the United Nations Climate Summit, where they will negotiate the finer details of international policies to address climate change. But climate action need not always unfold on global stages. Cities, too, can be prime drivers in improving our environment, and the U.N. Climate Summit’s host, New York City, is a great example.
New York City’s Clean Heat program reached its goal of reducing soot pollution by half in just two years. NYC Clean Heat is a program to replace dirty heating oil in the city’s most polluting commercial and residential buildings.
Successful environmental campaigns require broad support and NYC Clean Heat is no different. EDF helped convene the diverse coalition of city officials, non-profits, and private sector banks to launch a $100 million financing program to help building owners transition from dirty heating oils to cleaner fuels such as natural gas or biodiesel.
Source: Daniel Schwen, Wikimedia Commons
Recently, EDF and The Intersector Project teamed up to create a case study on the NYC Clean Heat program, a collaborative effort that included partners from private real estate interests, New York City, oil companies, and the Environmental Defense Fund. The program began in 2007 to improve the city’s air quality and the case study highlights the inter-workings of this cross-sector collaboration that has made NYC Clean Heat such a success.
The NYC Clean Heat project achieved success by transitioning over 3,300 buildings off of No. 6 and No. 4 oil (used to heat residential and commercial buildings in the winter), removing more than 300 tons of soot (PM2.5) from the air New Yorkers breathe. As a result, from 2011 to 2012, New York City was ranked number four for the cleanest air in the nation. Read More
Recently, New Yorkers bid farewell to our Mayor of twelve years, Mike Bloomberg. Under Bloomberg’s prevue, EDF helped catalyze the NYC Clean Heat program – which led to the cleanest air the City has seen in the last fifty years. Through NYC Clean Heat’s efforts over the past few years to phase out the use of highly-polluting No. 6 heating oil in more than 3,000 buildings across NYC, sulfur pollution fell by more than two-thirds while soot pollution dropped by a quarter.
NYC Clean Heat has made great strides in helping buildings become cleaner and more efficient, but there is still much work to be done. EDF is wasting no time in capitalizing on the effective public-private partnership we helped assemble of community and union leaders, policymakers and leaders in the utility, real estate and finance sectors to bring more environmental and public health gains to the City. Our next target: All that energy wasted by old and inefficient buildings.
Nearly 40% of U.S. energy is consumed by residential and commercial buildings, which are responsible for more than a third of our country’s greenhouse gases. The building sector presents one of the greatest untapped opportunities for major gains in energy savings and pollution reductions over the next several years. Read More
By now you might have heard the story. Andy Darrell and his fellow colleagues in EDF’s New York office were staring out the window of their office near Gramercy Park several years ago when they noticed thick plumes of black smoke rising from a nearby building. As New York regional director of the Environmental Defense Fund and a member of outgoing Mayor Bloomberg’s PlaNYC Sustainability Advisory Board, it struck Andy that they could actually do something about it. Embarking on a plan that aimed to phase out the City’s dirtiest heating oils, the successful EDF-led NYC Clean Heat campaign was born.
This story officially entered New York City environmental lore when New York Magazine included it in the annual Reasons to Love New York issue as “Reason 19. Because Our Air Is the Cleanest It’s Been in 50 Years.” The recent article describes the public-private coalition of city officials, lawmakers, non-profits and private sector banks that came together for a $100 million financing program that would help building owners make the transition to cleaner fuels. The result: around 3,000 buildings have converted to cleaner fuels, which has been the primary driver in reducing sulfur-dioxide pollution by nearly 70 percent. Read More