As part of the Climate Leadership and Community Protection Act (CLCPA) which was signed into law by Governor Andrew Cuomo July 2019, New York is required to achieve a carbon free electricity system by 2040 and reduce greenhouse gas emissions 85% below 1990 levels by 2050.
To help New York achieve these goals, NYSERDA is now introducing the New York Climate Progress program that can help climate technology startups with up to $500,000 in funding. This opportunity comes after months of uncertainty and financial instability in the aftermath of Covid-19. New York was especially hit hard by Covid-19 and this led to an economic shutdown, in which it became more important than ever to help companies get through the pandemic.
“A greener future is a brighter one, and New York is leading the way forward on protecting our environment while creating new jobs and bolstering our economy,” Governor Cuomo said. “The New York Climate Progress Program will help us support innovative startups that are generating new economic activity with clean, low-carbon products and services. The technologies created by these companies can help us fight climate change and support New Yorkers’ livelihoods as we work to make communities across the state more resilient.”
With NYSERDA’s Innovation program, the aim is to support technologies and companies that will help New York State reach its climate targets. Within that context, the aims of New York Climate Progress include:
- Boosting the growth of climate technology firms as a strategy to build back the economy in New York.
- Catalyzing new investment and de-risking long-term company success and climate impact.
- Protecting and creating green jobs.
- Supporting companies with scalable high impact potential to support the State’s achievement of its climate goals.
The New York Climate Progress program offer up to $10 million in loans, and is open to early-stage startup firms that are focusing on climate technology and that have raised less than $25 million in private capital, have less than $10 million in annual revenue, and have fewer than 50 employees – with at least one employee in New York State. Proposals are due January 6, 2021.
Read more about the New York Climate Progress Program HERE.