$1 Billion Investment in NY Climate Action For More Sustainable and Affordable Future Announced

NY Governor Kathy Hochul this week announced plans to invest more than $1 billion to address the climate crisis and achieve a more sustainable and affordable future as part of her 2025 State of the State. This ambitious proposal would be the single largest climate investment in state history, generating thousands of jobs, slashing energy bills for households, and cutting harmful pollution.

“Today, we take a monumental step towards a greener, more affordable future for New York State,” Governor Hochul said. “This historic $1 billion climate investment is not just a commitment to sustainable energy, it is a commitment to New Yorkers — creating thousands of jobs, cutting energy costs, and reducing harmful pollution. Together we are driving forward with innovative technologies to achieve our decarbonization goals while ensuring economic growth.”

With 2024 standing as the hottest year in recorded history, Governor Hochul's 2025 State of the State is tackling climate change head-on through record investments, a commitment to exploring nuclear energy technologies, and efforts to decarbonize state agencies and college campuses.

Giving Climate Ambition a Green Light

Governor Hochul is directing the state to embark on the single-largest program of climate investment in the history of the State budget, directing over $1 billion in new spending towards achieving a more sustainable future.

Governor Hochul’s investment will span across different sectors of our economy and across the State’s geography by:

• Retrofitting homes and incentivizing the installation of heat pumps.
• Ensuring public infrastructure can serve as hubs of sustainability, including building out thermal energy networks at SUNY campuses that can model a pathway towards the next generation of energy infrastructure.
• Expanding green transportation options across the state and supporting businesses of all sizes in their decarbonization journey.

Additionally, over the coming months, the Department of Environmental Conservation (DEC) and New York State Energy Research and Development Authority (NYSERDA) will continue their work as New York progresses implementation of the cap-and-invest program including proposing new reporting regulations to gather information on emissions sources. This will create more space and time for enhanced engagement and public input as work also continues on other implementing regulations and the program’s investment plan.

Public Power for Public Entities and Creating Clean Energy Union Jobs

Governor Hochul will direct state agencies and the New York Power Authority to enter into contracts in pursuit of achieving 100 percent renewable energy for state agencies by 2030, in line with Executive Order 22. These contracts will result in at least 500MW of renewable energy while creating clean energy development, 9,000 union jobs, and reduced emission.

Advanced Nuclear Master Plan and Blueprint

Governor Hochul’s 2025 State of the State includes the creation of a Master Plan for Responsible Advanced Nuclear Development in New York (Master Plan). To guide next steps in the Master Plan process, NYSERDA published a Blueprint for Consideration of Advanced Nuclear Energy Technologies. The Blueprint considers feedback from public comments on a draft released at the Future Energy Economy Summit in September 2024 to ensure it provides a comprehensive overview of issues to be considered throughout the Master Plan process.

New York State will also co-lead a multi-state initiative facilitated by the National Association of State Energy Officials (NASEO) and the U.S. Department of Energy Office of Nuclear Energy Gateway for Accelerated Innovation in Nuclear (GAIN) on advanced nuclear energy, anticipated to launch in February 2025, and support Constellation in pursuing federal planning grant funding that supports the exploration of the addition of one or more new advanced nuclear reactors at its Nine Mile Point site in Oswego County.

In November, NYSERDA released a Request for Information (RFI) to gauge communities' interest in activities to develop advanced nuclear energy technologies in New York State. The request focuses on communities within the New York Independent System Operator Control Area Load Zones A-F, which encompasses the area of New York State north and west of the Lower Hudson Valley.

Decarbonizing New York’s SUNY and CUNY Campuses

Recognizing the critical role of New York’s higher education institutions in achieving the state’s climate goals, Governor Hochul plans to decarbonize campuses across the SUNY and CUNY systems. Leveraging investments from the Environmental Bond Act, Governor Hochul will direct SUNY and CUNY to begin electrifying campuses and integrating renewable energy technologies.

This effort will include the adoption of advanced thermal energy networks and other transformative clean energy systems. These upgrades will significantly reduce emissions, enhance campus sustainability, and create healthier, more resilient learning environments for students, faculty, and staff.

“Governor Hochul has remained resolute in her commitment to New York’s clean energy transition and this significant climate investment demonstrates how she continues to put New Yorkers first to ensure that we all benefit from a more sustainable future," said New York State Energy Research and Development Authority President and CEO Doreen M. Harris: "NYSERDA will continue its work with DEC to advance New York’s Cap-and-Invest Program, while moving ahead with the development of a Master Plan process to explore advanced nuclear options and continue meaningful progress toward our energy, economic and equity goals.”

Department of Environmental Conservation Interim Commissioner Sean Mahar said, “Governor Hochul’s State of the State initiatives and investments recognize that supporting climate action, clean energy, and a greener economy will significantly strengthen environmental protections and create good-paying jobs that help all New Yorkers. DEC looks forward to continuing to work closely with NYSERDA, DPS, and our agency partners to advance cap-and-invest and other necessary programs to reach our climate goals, realize the economic impact of the more than $1 billion in new climate funding, and meet the state’s energy demand in a clean, effective, and affordable way.”

_{Source: NYSERDA}

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