New York will invest $1.5 billion in renewable energy projects

New York will invest $1.5 billion in renewable energy projects

New York will be investing nearly $1.5 billion into a variety of renewable energy projects over the next five years. State governor Andrew Cuomo made the announcement alongside former vice president Al Gore. 26 large-scale projects will help get New York to the goal of using 50 percent renewable energy by 2030.

Most of the projects will represent the solar industry. Nearly 85 percent of the new sustainable energy sources will generate enough power for over 430,000 homes and decrease carbon emissions by 16 million metric tons. Three wind farms and one hydroelectric plant will round out the new projects, adding over 1.3 gigawatts of renewable capacity.

Source: Business Insider

This announcement continues Cuomo’s movement against the Outer Continental Shelf Oil and Gas Leasing Program. Like Florida, New York is looking to be excluded from an offshore drilling plan that would explore for more fossil fuel sources. This would impact their tourism and fishing industry, which boasts over 320,000 jobs and brings in $11 billion in wages.

Source: World Economic Forum

Date: May 2018

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Tags assigned to this article:
energy policyinvestmentsrenewablesUnited States

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