NYSERDA and NYCEDC Announce Agreement on Advancing Climate Technology Innovation

Memorandum of Understanding Enhances Collaboration on Clean Energy Innovation Initiatives to Drive Investment, Expand Access to Economic Opportunities, and Lower Emissions

Supports Climate Leadership and Community Protection Act Goal to Reduce Greenhouse Gas Emissions 85% by 2050

NEW YORK, NY—Today, The New York State Energy Research and Development Authority (NYSERDA) and New York City Economic Development Corporation (NYCEDC) today announced an agreement to advance climate technology innovation. Under the memorandum of understanding (MOU), the agencies will collaborate on clean energy innovation initiatives that meet the objectives of driving investment, expanding equitable access to economic opportunities and lowering emissions statewide. Today’s announcement supports the Climate Leadership and Community Protection Act (Climate Act) goal to reduce economy-wide greenhouse gas emissions 85% by 2050.

Doreen M. Harris, President and CEO, NYSERDA said, “NYSERDA looks forward to growing our partnership with New York City Economic Development Corporation reflecting our shared commitment to achieving the City and State’s climate goals. By coupling our programs and support for innovation, we are activating a mission-critical pool of resources that will propel forward transformative clean technologies throughout the state’s clean energy ecosystem.”

New York City Economic Development Corporation (NYCEDC) President & CEO Andrew Kimball said, “To support emerging businesses and innovation, NYCEDC is proud to partner with NYSERDA to advance new technologies that will unlock solutions for the global climate crisis. We look forward to working with our state partners on our mutual goal of sparking new economic development in this rapidly growing industry and moving New York towards a more sustainable and equitable future.”

The MOU embraces five key pillars of collaboration:

1. Collaborate on existing programs and services available to companies seeking to site or expand operations in New York State or New York City.
2. Market the commercialization of climate technologies in the state’s innovation ecosystem.
3. Leverage shared needs, opportunities, technology development, and market sectors of interest for new climate innovation programs.
4. Co-locate climate technology innovation programming, pilots, and events in NYCEDC available real estate space.
5. Enhance connections between manufacturers, research centers, developers, technical service providers, and other entities locally and regionally.

As an initial collaboration under the agreement, NYSERDA and NYCEDC plan to work together in supporting Uptake Alliance, a new venture development program supporting the ClimateTech Growth Platform program recently announced by New York State.

Today's announcement builds on New York State's investments in research, development, and commercialization to support innovators that are accelerating the low emissions and carbon sequestering technologies needed to meet the State's goal for economy-wide carbon neutrality. NYSERDA's Innovation program is deploying $800 million over 10 years as direct investments via grants and wrap-around commercialization support. More than $680 million in private investments and $200 million in project finance capital have been enabled, and more than 450 innovative clean energy products have been commercialized as a result of NYSERDA's technology and business development investments, including LED lighting systems, home appliances, longer-lasting batteries, and more efficient heating-and-cooling systems.

This MOU also builds on NYCEDC’s efforts to support innovation, entrepreneurship, and a just transition to a green economy. In September 2023, NYCEDC announced the activation of one of its flagship assets, the Brooklyn Army Terminal (BAT), in Sunset Park, for climate innovation pilots allowing companies to test and scale their technologies in live environments. In April 2023, itselectric, a Brooklyn-based electric vehicle (EV) curbside charging company, announced a strategic partnership, with NYCEDC and Hyundai CRADLE to demonstrate curbside EV chargers specifically built for cities. Six chargers were deployed at BAT and the Brooklyn Navy Yard in Spring 2023. In addition, the City and NYCEDC are spearheading a number of initiatives including the advancement of sustainable construction through the development and integration of Design Guidelines for Circular Construction, as well as the Climate Innovation Accelerator Network, which will scale up best-in-class venture and innovation studio models that help startups research, test, and scale climate solutions. The Global Climate Tech Hub will advance New York City’s industrial policy goals by providing spaces to midsize climate tech companies looking to enter the New York City market and support the city’s climate policies and priorities.

New York State's Nation-Leading Climate Plan 

New York State's nation-leading climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that at least 35%, with a goal of 40%, of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation’s most aggressive climate and clean energy initiatives, New York is on a path to achieving a zero-emission electricity sector by 2040, including 70% renewable energy generation by 2030, and economywide carbon neutrality by mid-century. A cornerstone of this transition is New York's unprecedented clean energy investments, including more than $35 billion in 120 large-scale renewable and transmission projects across the state, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, more than $1 billion for clean transportation initiatives, and over $2 billion in NY Green Bank commitments. These and other investments are supporting more than 165,000 jobs in New York’s clean energy sector in 2021 and over 3,000% growth in the distributed solar sector since 2011. To reduce greenhouse gas emissions and improve air quality, New York also adopted zero-emission vehicle regulations, including requiring all new passenger cars and light-duty trucks sold in the State be zero emission by 2035. Partnerships are continuing to advance New York’s climate action with nearly 400 registered and more than 100 certified Climate Smart Communities, nearly 500 Clean Energy Communities, and the State’s largest community air monitoring initiative in 10 disadvantaged communities across the state to help target air pollution and combat climate change.

About NYSERDA 
NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. NYSERDA professionals work to protect the environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York State since 1975. To learn more about NYSERDA’s programs and funding opportunities, visit  nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, or Instagram.

About NYCEDC  
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city's future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.