New York creates $5 billion clean energy fund to spur renewables

By Associated Press, from the Boston Globe.

ALBANY, N.Y. — New York established a $5 billion clean energy fund Thursday intended to encourage renewable sources of electricity such as wind and solar while reducing the state’s reliance on fossil fuels linked to climate change.

The money, which is set to be spent over 10 years, will be used to subsidize solar energy, spur energy research and development, and incentivize private investments in clean energy projects. It will also support programs that increase energy efficiency in homes and businesses.

The initiative is part of Governor Andrew Cuomo's plan to generate half of the state's energy from renewable sources by 2030. The Democrat announced the fund last week during his annual state-of-the-state address, and it was formally approved by the state's Public Service Commission Thursday.