In an attempt to further spur clean technologies in New York amid a push to reduce greenhouse gas emissions by midcentury, state officials on Friday announced a multimillion-dollar program to support new insurance policies and products.
Gov. Kathy Hochul's office announced a $6.5 million plan under the Insurance Innovation for Climate-Technology Solutions program as part of an effort to release grants for risk management and insurance market expansion for businesses that are transitioning to climiate-friendly products.
"Removing barriers to innovative, climate technologies that lower carbon emissions is a critical part of reaching New York's ambitious climate goals," Hochul said. "By supporting new insurance policies for New Yorkers purchasing cutting-edge, climate-friendly products, we can offer protection and reassurance for consumers and companies alike to help ensure our state continues to lead in climate innovation."
The program will work with the New York State Energy Research and Development Authority to issue awards for research and development of the new insurance products. The effort is meant to improve access to information as well as overhaul insurance coverage for climate tech businesses as well as consumers.
"Working to shape the future of insurance for climate-friendly products with InnSure will provide the research and data needed to support new investments and bring more products to fruition for New Yorkers to use on a daily basis," said NYSERDA CEO and President Doreen Harris. "New York State is committed to growing a strong approach to our innovation ecosystem with the right tools in place to help companies reduce the risk of producing goods through new technologies."