In 2019, New York cemented its status as a climate leader by passing the Climate Leadership and Community Protection Act, which established some of the country’s most ambitious climate targets, such as an 85 percent cut in GHG emissions by 2050, 100 percent carbon-free electricity by 2040, and 70 percent renewable energy by 2030. It also established targets for solar, offshore wind and energy storage. New York first established a Renewable Portfolio Standard in 2004 and has increasingly raised its ambition since then. The state is a member of the US Climate Alliance, which was co-founded by Democrat New York Governor Andrew Cuomo. The state is also a member of the Zero Emissions Vehicle Alliance, and New York City is a member of C40, a global coalition of cities committed to climate action. Green finance is a growing part of the economy, with the NY Green Bank working with private-sector actors on clean energy projects with $1.1 billion investment so far. Like the governorship, both houses of the state’s legislature are controlled by Democrats, increasing the chances that New York will continue to prioritise funding and implementation of its climate initiatives in the coming years.
SHORT-TERM OUTLOOK THROUGH 2025 – NEW YORK
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