The state of New York is launching the largest state-level renewable energy investment in US history, highlighting its commitment to a green energy transition.
Renewable Energy Goals Forging Ahead
The project includes three offshore wind and 22 onshore renewable energy installations, totaling 6.4 gigawatts of clean energy. This will power an estimated 2.6 million homes in New York and account for around 12% of the state’s electric needs in 2030. This initiative, in conjunction with the development of offshore wind blade and nacelle manufacturing facilities, will stimulate approximately $20 billion of statewide economic growth. It’s also set to create around 8,300 sustainable jobs, including developer-committed investments designed to support disadvantaged communities. This announcement propels New York further towards its 2030 target of sourcing 70% of electricity from renewable energy. The state is set to meet 79% of its 2030 electricity needs with renewable energy as a direct result of these forthcoming projects.
What Governor Hochul and Secretary Granholm Say
“This investment is much more than an attempt to combat climate change,” asserted Governor Hochul. “We will also use it to create quality union jobs, improve our electrical grid’s reliability, and help disadvantaged communities. It is a clear demonstration of how we can adapt following global economic disasters, as we journey towards a greener and more prosperous future for future generations.”
New York’s bold announcement aids the development of offshore wind power in the US, creating a rejuvenated manufacturing industry and coastal economy while fostering a brighter future of clean energy. This underscores President Biden’s Investing in America initiative,” stated the U.S. Secretary of Energy, Jennifer M. Granholm.
Benefits of The Renewable Energy Projects
Once operational, these renewable energy installations are predicted to bring tremendous benefits to the state in terms of economy, employment, and the environment. The commitment to state support will ensure the creation of quality jobs that sustain families across New York. Contract terms will necessitate a specified minimum U.S. iron and steel purchase amount and also enforce prevailing wage provisions for all workers involved in construction activities.
Details of the Offshore Wind Investments
NYSERDA, following a highly competitive selection process in the US, has chosen three offshore wind projects totaling 4,032 megawatts. These projects are expected to offset 7 million metric tons of CO2 per year, the equivalent of removing 1.6 million cars from our roads annually. They would also create over 4,200 sustainable jobs across Long Island, New York City, and the Capital Region while contributing more than $15 billion to in-state spending over a 25-year lifespan.
NYSERDA will make a $300 million commitment to kickstart the creation of two supply chain facilities, including nacelle manufacturing by GE Vernova, and blade manufacturing by LM Wind Power Blades USA, both destined for New York’s Capital Region. The facilities are set to unlock $968 million in public and private funding and will create around 1,700 direct and indirect jobs backed by project labor agreements. The total projected direct state spending surpasses $3 billion.
Onshore Renewable Energy Investments
In addition, New York has initiated its newest round of conditional onshore large-scale renewable awards that consist of 14 solar projects, six wind repowering, one new wind project, and one hydroelectric project return-to-service, jointly totaling 2,410 megawatts. These onshore projects are projected to stimulate more than $4 billion in direct investments and create over 4,100 good-paying jobs throughout New York State.
These upcoming projects underline the significance given to fostering disadvantaged communities in line with the State’s Climate Act. The state will further bolster community engagement where these projects are planned for development. NYSERDA will offer resources and no-cost technical advice to help local governments manage responsible clean energy development seamlessly within their communities.
Sources:
Official bulletin from the Office of the Governor.
