The Green Bank is intended to support eco-friendly technologies, green energy projects

Feb 13, 2014 15:41 GMT  ·  By
NY debuts Green Bank intended to promote the use of clean energy and eco-friendly technologies
   NY debuts Green Bank intended to promote the use of clean energy and eco-friendly technologies

New York's Green Bank officially became operational this past February 11, and Governor Andrew Cuomo believes that, sooner than one might expect, it will help this state in the US green up its ways.

According to Business Green, the Bank opened with funding amounting to $210 million (€153.4 million). In time, it is expected to be capitalized with $1 billion (€0.73 million).

Talking to the press, Governor Andrew Cuomo stressed the fact that, unlike other banks, this one is to solely focus on supporting eco-friendly technologies and green energy projects.

“The NY Green Bank will be the catalyst for significantly accelerating the flow of private capital to energy efficiency and renewable energy projects and will send a message to the financial markets that expanding our clean energy economy is a priority for New York State,” he said.

Furthermore, “Today's announcement that the NY Green Bank is 'open for business' confirms the State's unwavering commitment to a more cost-effective and resilient energy system, to creating green jobs and to providing a cleaner environment for all New Yorkers.”

Plans to establish this bank were first announced back in January 2013. Later that year, in December, Governor Andrew Cuomo promised that the bank would open in the first few weeks of 2014, and, as it turns out, he stood by his word.