Clean Path New York today 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 deliver clean energy generated Upstate to load centers in New York City.
The transmission project team — a collaboration between New York Power Authority (NYPA), energyRe and Invenergy — will make $270 million in investments focused on job training, education, community health and the environment. The companies said the money will be divided as follows:
- $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
- $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 percent 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
- 10,500 clean energy and construction jobs exclusively to New York State
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 percent 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.
“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,” said Jeff Blau, Founding Partner of energyRe. “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.”