N.Y. Gov. Hochul Announces $6.5 Million to Support New Insurance Policies and Products for Climate Technology Solutions

ALBANY, New York, April 15 -- Gov. Kathy Hochul, D-New York, issued the following news release on April 14, 2023:

Governor Kathy Hochul today announced $6.5 million awarded under the Insurance Innovation for Climate-Technology Solutions program to support new insurance policies and products that will accelerate the adoption of clean technologies by consumers across New York State. The nonprofit InnSure was selected to deploy grants that will advance risk management and insurance market growth - transforming business support and providing consumer confidence for a range of climate-friendly technology products. This announcement supports the adoption of new technologies to meet the State's nation-leading Climate Leadership and Community Protection Act goals, including an 85 percent reduction in greenhouse gas emissions by 2050.

"Removing barriers to innovative, climate technologies that lower carbon emissions is a critical part of reaching New York's ambitious climate goals," Governor Hochul said. "By supporting new insurance policies for New Yorkers purchasing cutting-edge, climate-friendly products, we can offer protection and reassurance for consumers and companies alike to help ensure our state continues to lead in climate innovation."

InnSure will work with the New York State Energy Research and Development Authority (NYSERDA) to co-develop a program that will competitively award insurance innovators for the research and development of new insurance policies and products. The awarded funding will 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 supported through NYSERDA's Novel Business Model and Offering initiative, which promotes new business models, commercial service or product offerings, and tools that enable scaling of climate solutions through customer acquisition or increased capital flows.

New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, "Working to shape the future of insurance for climate-friendly products with InnSure will provide the research and data needed to support new investments and bring more products to fruition for New Yorkers to use on a daily basis. New York State is committed to growing a strong approach to our innovation ecosystem with the right tools in place to help companies reduce the risk of producing goods through new technologies."

InnSure Executive Director Charlie Sidoti said, "We are excited to further InnSure's mission of catalyzing a bold insurance industry response to climate change with the support of NYSERDA."

State Senator Neil Breslin said, "As New York State's businesses and consumers continue to utilize more clean energy technologies, it is vital that we make sure there are insurance innovations to make this transition more effective. I applaud both Governor Hochul and NYSERDA for their commitment to meeting the State's nation leading Climate Leadership and Community Protection Act's goals."

Assemblymember Didi Barrett said, "Meeting New York State's ambitious climate goals continues to require creative thinking, employing innovative tools and bringing all our communities along with us. I applaud Governor Hochul for engaging the insurance industry to be part of the solution and help to accelerate the adoption of clean technologies. Congratulations to the visionary leadership at InnSure on being selected to partner with the state to distribute this important funding."

Today's announcement 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. More than $680 million in private investments and $200 million in project finance capital have been created, 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.

Funding for this initiative is through the state's 10-year, $6 billion Clean Energy Fund. More information about this funding (https://www.nyserda.ny.gov/About/Funding/Clean-Energy-Fund) is available on the New York State Energy Research and Development Authority's website.

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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 fostering a green economy across all sectors and ensures that at least 35 percent, with a goal of 40 percent, 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 percent renewable energy generation by 2030, and economy wide 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, $1.8 billion to scale up solar, more than $1 billion for clean transportation initiatives, and over $1.8 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 a 2,100 percent 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 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 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 interventions and combat climate change.

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Original text here: https://www.governor.ny.gov/news/governor-hochul-announces-65-million-support-new-insurance-policies-and-products-climate-0