EDF applauds New York Governor Cuomo's launch of Green Bank

(New York, NY – December 20, 2013) Environmental Defense Fund (EDF) commends Governor Cuomo’s launch of a New York state Green Bank to promote private sector investment in clean energy projects. The Green Bank, which has $210 million in initial funding, targets market barriers to private financing of renewable energy and energy efficiency projects. Working with private sector financial institutions, the Green Bank will offer financial products such as credit enhancement, loan loss reserves and loan bundling to support securitization and help build secondary markets.

“Governor Cuomo’s launch of a Green Bank places New York among the first few states in the country to pioneer a market-based approach to tackling climate change,” said EDF President Fred Krupp. “The move will encourage much-needed private sector investment in renewable energy and energy efficiency, create jobs, and ensure a more resilient and sustainable energy infrastructure.”