A new program focused on the research and development of new insurance policies and products to promote the adoption of clean technologies across New York state is on the way.
The program will provide funding for products that manage the financial risk associated with climate change, supporting the state’s Climate Leadership and Community Protection Act goal of reducing carbon emissions 85 percent by 2050.
“New York state is leaving no stone unturned in our fight against climate change, and that includes investing in industries that will develop and advance clean, green technologies,” Gov. Kathy Hochul said. “By promoting innovative policies that will create more sustainable climate technology, we are taking bold action to meet the challenges of climate change. My administration remains laser focused on supporting key initiatives that will benefit both businesses and consumers while contributing to our state’s nation-leading climate efforts.”
The New York State Energy Research and Development Authority (NYSERDA) will select a program administrator to develop the new initiative, manage operations, leverage industry expertise, and boost research and development to establish new risk models.
The program administrator will also select innovative insurance ideas, products, and services, such as insurance for residential and commercial renewable energy projects, that will develop new business models to enable future climate technology solutions.
The program administrator will be awarded up to $1.5 million to work with managing general underwriters (MGUs) and managing general agents (MGAs) that can research, develop, and test new insurance products, and it will award up to $5 million in competitive grants which are anticipated to be announced in 2023.