(Credit: Canva Pro)New York has announced $6.5 million in funding under the Insurance Innovation for Climate-Technology Solutions program to support the development of new insurance policies and products that will encourage consumers to adopt clean technologies.
The funding will be deployed by the nonprofit organization InnSure to advance risk management and insurance market growth in support of New York's Climate Leadership and Community Protection Act goals. This includes support for an 85% reduction in greenhouse gas emissions by 2050.
Through a partnership with the New York State Energy Research and Development Authority (NYSERDA), InnSure will competitively award insurance innovators for the research and development of new insurance policies and products. Subsequently, the funding will also help improve access to data and revolutionize insurance coverage for climate tech businesses and consumers to ensure that the insurance sector keeps pace with new technologies.
This program is part of NYSERDA's Novel Business Model and Offering initiative, which aims to promote new business models, commercial services or product offerings, and tools. Therefore, enabling the scaling of climate solutions through customer acquisition or increased capital flows.
According to New York State Governor Kathy Hochul, removing barriers to innovative, climate technologies that lower carbon emissions is crucial to achieving the state's ambitious climate goals.
Further, this initiative builds on New York State's investments in research, development, and commercialization to support innovators and companies 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 commercialization support.
The funding for this initiative is part of the state's 10-year, $6 billion Clean Energy Fund.
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New York State's climate agenda is one of the nation's most aggressive, calling for a zero-emission electricity sector by 2040, including 70% renewable energy generation by 2030, and economy-wide carbon neutrality by mid-century. To achieve this goal, the state is making unprecedented clean energy investments, including more than $35 billion in large-scale renewable and transmission projects across the state.
These and other investments continue to support more than 165,000 jobs in New York's clean energy sector. New York has experienced a 2,100% growth in the distributed solar sector since 2011. Additionally, the state has adopted zero-emission vehicle regulations, requiring all new passenger cars and trucks sold in the State to be zero-emission by 2035.
Further, New York is continuing to advance its climate action with nearly 400 registered and 100 certified Climate Smart Communities. There are almost 500 communities in New York State that are focused on clean energy and sustainability. Additionally, the state has launched a community air monitoring initiative in 10 disadvantaged communities with the goal of identifying areas for intervention to improve air quality and fight climate change.
