New York has committed a $5bn investment for clean energy projects to address the climate change concerns and also drive economic growth.
Governor Andrew Cuomo announced the clean energy fund, which will support solar and wind power projects as well as initiatives aimed at increasing energy efficiency and grid modernisation over ten years.
The funding has been approved by the New York State Public Service Commission and is expected to invite $29bn additional private sector investments in the state.
Cuomo said: "This unparalleled $5bn investment will leverage more than $29bn in private sector funding and open the door to new clean energy opportunities for years to come."
This fund is expected to assist New York in reaching its target to derive around 50% of its power output from renewable sources by 2030.
New York State Energy Research and Development Authority will be in charge of the fund, which has been projected to save more than $39bn in customer bill over the next decade.
The fund has been split to operate across four major portfolios, of which market developmen has been allotted $2.7bn. This will involve multiple projects that are likely to stimulate and meet consumer demands for clean energy alternatives and energy efficiency.
The state has segregated the rest of the funds under NY-Sun ($961m), NY Green Bank ($782m) and for innovation and research ($717m).
New York State Energy Research and Development Authority president and CEO John Rhodes said: "The Clean Energy Fund creates the demand for clean energy and the certainty we need to accelerate the growth of a dynamic clean tech economy that stimulates private investment and job creation."
Image: The $5bn investment is expected to attract $29bn in private funds. Photo: courtesy of FreeImages.com / Janusz Dymidziuk.