Sunday Dec 04, 2022

Governor Hochul Announces $6.5 Million to Support Insurance Innovation for Climate-Technology Solutions – NYSERDA – NYSERDA

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New Program To Focus on Delivering Grants To Manage the Financial Risk Associated with Climate Change

September 1, 2022

Governor Kathy Hochul today announced $6.5 million to support Insurance Innovation for Climate-Technology Solutions, a new program focused on the research and development of new insurance policies and products that will promote the adoption of clean technologies across New York State. The program will provide funding for products that manage the financial risk associated with climate change, supporting the State’s nation-leading 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,” Governor 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 this 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.

New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Addressing the financial risks from climar change through the research, development and advancement of insurance innovation for clean, efficient technologies is a win-win for New York businesses and consumers alike. The availability of this important R&D funding will ultimately support new business models that seek to overcome barriers for bringing new products to market and build on Governor Hochul’s all-encompassing approach to achieving a carbon-neutral economy by mid-century.”

NYSERDA will accept applications from qualified organizations through October 12, 2022 and competitively select a program administrator. Applicants should demonstrate economic benefits and implementation in the State of New York. A scoring committee will evaluate all proposals based on the published criteria. Each applicant must show how they can promote the research and development needed to bring new insurance products and services to market to meet the State’s climate and clean energy goals. This includes soliciting new insurance ideas, managing the development and growth of the program, and reducing risk for climate technology solutions and services.

State Senator Kevin Parker said, “Though many may fail to realize the price tag on climate change, the occurrence of floods, droughts, wildfires and hurricanes, which are amplified because of it, cost our country trillions of dollars. When Hurricane Sandy slammed New York, roughly 8 billion dollars of damage resulted due to human-caused sea level rise. The cost of climate change is further exacerbated by the lack of adequate preparedness for extreme weather patterns which have now become more common than rare. Investments such as this- NYSERDA’s $6.5 Million into the management of financial risks associated with Climate-are necessities. I commend NYSERDA for taking action and helping develop insurance policies AND the technology to …….

Source: https://www.nyserda.ny.gov/About/Newsroom/2022-Announcements/2022-09-01-Governor-Hochul-Announces-Millions-to-Support-Insurance-Innovation

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