NYC Launches Green Economy Plan - Smart Energy Decisions

Commercial, Distributed Energy Resources, GHG Emissions  -  March 5, 2024

NYC Launches Green Economy Plan

New York City announced the release of the Green Economy Action Plan, which provides a roadmap to help the city combat climate change by adding electric vehicle chargers, commercialization pathways for climate tech startups and tax incentives for battery startups.

The plan was launched by Mayor Eric Adams, New York City Economic Development Corporation (NYCEDC) President and CEO Andrew Kimball, and Mayor's Office of Talent and Workforce Development (NYCTalent) Executive Director Abby Jo Sigal.

The highlights of the plan include:

  • Establishing a Climate Innovation Hub: NYCEDC will invest up to $100 million to develop a Climate Innovation Hub at the Brooklyn Army Terminal. This new space will accelerate commercialization pathways for climate tech startups and other green economy businesses. It will serve 150 startups over 10 years. 
  • Activating a Harbor Climate Collaborative: The Brooklyn Navy Yard, NYCEDC, and the Trust for Governors Island are collectively investing $725 million to build a green economy ecosystem across 6-million-square-feet and 72 acres linked by NYC Ferry across New York Harbor. The collaborative will catalyze climate education, research, innovation, commercialization, and workforce development alongside partners from the private and nonprofit sectors. This work will build on a strong foundation of green economy projects such as the 400,000-square-foot New York Climate Exchange, an academic and research consortium anchored by Stony Brook University on Governors Island, and the development of 5-million-square-feet of net-zero manufacturing space at the Brooklyn Navy Yard.
  • Activating Public Sites for Electric Vehicle (EV) Charging: NYCEDC is activating two acres of land near JFK airport to create the largest EV charging facility in the city with 65 public EV chargers including 12 rapid ones. The facility is currently estimated to charge 1,000 vehicles per year, with potential for growth depending on market demand. The Brooklyn Navy Yard is also installing over 80 EV chargers across its 300-acre campus, including infrastructure for commercial fleet charging and a dedicated public lot for neighboring residents. 
  • Creating Tax Incentives for Battery Storage: NYCEDC will utilize New York City's Industrial Development Agency tax incentives to activate 500 Megawatts (MW) of battery storage capacity and support other green economy uses. To date, the Industrial Development Agency has induced 200MW of storage capacity that is expected to come online in the coming years and generated nearly $500 million of private sector investment.

"Our city didn't recover the nearly 1 million jobs we lost during the pandemic and reach a new private-sector job high by looking backward — we did it by building an economy of the future. And we must draw on all our resources to protect our city from the effects of climate change," said Mayor Adams in a statement. "From building resiliency projects and retrofitting apartment buildings, to installing solar panels, EV charging stations, and wind turbines, 'green-collar' jobs are already in demand and leading the way. Our Green Economy Action Plan will harness the growth of a new kind of industrial revolution and give New Yorkers the tools they need to build a resilient and prosperous city and thrive in our future-focused economy."

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