New York Governor Starts $1 Billion Bank for Green Energy Lending
New York Governor Andrew Cuomo is set to establish a $1 billion bank to furnish loans to projects that generate power without using fossil fuels, a move meant to push private lenders into the green-energy market. The Green Bank, promised by the governor in January, will use money collected from utility bills already set aside for energy-efficiency programs as seed money. In a petition filed recently, he asked that the New York State Public Service Commission release $165 million. The bank will be run by the New York State Energy Research and Development Authority.
Development Banks Lend Over $108 Billion to Clean Energy
Bloomberg New Energy Finance has reported that development banks worldwide lent a record $108.9 billion to renewable energy and energy-efficient technology last year as they scale back investment in coal-fired generators. KfW Group was the biggest lender providing $34.4 billion in 2012 followed by China Development Bank Corp. with $26 billion. Development banks furnished $424.8 billion of renewable energy finance between 2007 and 2012, says the report. About half of that was distributed in Europe, excluding Russia.
University Gets Grant for Marine Energy Research in NYC
A $600,000 grant from the National Science Foundation will allow the University of Minnesota’s St. Anthony Falls Laboratory (SAFL) to launch a new project to advance research, innovation and training in marine and hydrokinetic technology. Much of the research will be at New York’s 1.05-MW Roosevelt Island Tidal Energy project. Researchers at SAFL will develop a high-performance computing simulation toolbox that will provide in-depth information of how turbines perform in real-life aquatic environments. The grant will also be used to improve the marine and hydrokinetic technology workforce through the development of a four-year hydrology degree program at Salish Kootenai College in Montana.
Europe Moving Towards Capping First-Generation Biofuel
In a hotly contested vote, Europe’s Parliament voted to cap the amount of conventional biofuels or fuel derived from food crops (also known as first-generation biofuels), that can be used in the regions’ transport sector. In line with the EU’s climate goals, member states will have to get 10 percent of their transport fuel from renewable sources by 2020. No more than 6 percent of that amount will be sourced from conventional biofuels if the cap bill is passed into law. The vote in favor was a close 352 to 343.
Image courtesy of http://www.governor.ny.gov/sl2/bio