NY Green Bank is a State-sponsored, specialized financial entity working with the private sector to increase investments into New York’s clean energy markets, creating a more efficient, reliable and sustainable energy system. NY Green Bank is a division of NYSERDA. NY Green Bank expanded its investment approach to prioritize New York’s historically underserved communities.

• The definition of a Disadvantaged Community under the Climate Leadership and Community Protection Act is expected from the Climate Justice Working Group in mid-2021. Until that time, NY Green Bank applies the NYSERDA and NYS Department of Environmental Conservation interim definition to qualify and track its investing activities. As of March 2021, this interim definition includes projects located within: Census block groups that meet the HUD 50% AMI threshold, The DEC Potential Environmental Justice Areas, NYS Opportunity Zones.
• NY Green Bank’s portfolio has become increasingly diversified as we have stepped in to alleviate financing gaps for sustainable infrastructure and clean energy projects in New York

More on funding: The initial capitalization for NYGB’s establishment was issued by the New York Public Service Commission (PSC) and approved in December 2013 through an Initial Capitalization Order providing NYGB with $165.6 million to begin its operation. The funding included USD 44.7 million from emission allowances sales under the Regional Greenhouse Gas Initiative (RGGI). On July 16, 2015 the PSC authorized NYSERDA to reallocate uncommitted NYSERDA funds totaling USD 150.0 million to support NYGB investments and on January 21, 2016, NYGB’s full capitalization at USD 1.0 billion was authorized by the PSC, pursuant to the CEF order. 2021/2022: The New York Green Bank raised $314 million in private capital from Bank of America.