New York wants to fund climate technology for businesses

New York state is making $8.5 million available to support companies that specialize in technologies meant to reduce greenhouse gas pollution and reduce the effects of climate change. 

Gov. Kathy Hochul this month announced the money as part of the ClimateTech Growth Platform, a program that is meant to boost companies that are trying to scale the building, transportation, electric grid or industrial products and services. 

The program is part of a broader effort to reduce carbon emissions in New York by 85% by 2050. Much of the work to do so requires New York to shift away from fossil fuel-based technologies and transition to electrified power grids, transportation and buildings. 

"As we continue our fight against climate change, New York State's investments in climate technology send a strong signal to entrepreneurs, locally and around the world, that our state is open for business," Hochul said. "My administration will continue to support companies that are at the forefront of developing new technologies to lower greenhouse gas emissions, make our electric grid more energy efficient and reduce pollution from transportation. By supporting these innovative developments, we can further our state's leadership on climate, create jobs and grow our economy as we build a greener, more resilient future for all New Yorkers."

Of the $8.5 million in funding, at least $5.95 million will be allocated for direction services. An additional $2 million will be used for future grants and awarded to companies on a competitive basis, Hochul's office said. 

The New York State Energy and Research Development Authority will accept applications through Nov. 15. 

"The ClimateTech Growth Platform streamlines and modernizes our Innovation portfolio which brings emerging companies on-the-ground resources to grow relationships, form partnerships and create supply chains across all regions of New York State," said NYSERDA CEO Doreen Harris. "Leveraging the best in local and global climate technologies will stimulate market growth to benefit all New Yorkers with more efficient energy and lower emissions."

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