As states along the east coast continue to compete for offshore wind supply-chain investment and jobs, New York and New Jersey are taking steps to come out on top…
In October, the New York State Energy Research and Development Authority (NYSERDA) finalized contracts for its first two offshore wind projects, which are part of the ambitious clean energy plan the state adopted this summer. The Climate Leadership and Community Protection Act (CLCPA) requires that 70 percent of the state’s electricity come from renewables by 2030, and requires 100 percent carbon-free electricity by 2040.
Climate Leadership and Community Protection Act
With the enactment of the CLPA, New York is again a leader in green energy policy. Below are several key aspects of the law:
The New York State Department of Environmental Conservation (DEC) must adopt regulations to achieve an 85 percent reduction in greenhouse gas emissions by 2050, with an interim mandate of 40% reduction in emissions by 2030 (both relative to 1990 levels).
The law mandates that at least 70 percent of New York’s electricity come from renewable energy sources such as wind and solar by 2030, and that the state’s power system is 100% carbon neutral by 2040.
The law also codifies the state’s commitment to install 9,000 megawatts of offshore wind by 2035; 6,000 megawatts of distributed solar by 2025; and 3,000 megawatts of energy storage by 2030.
The newly-created Climate Action Council, co-chaired by the New York State Energy Research and Development Agency (NYSERDA) and DEC, will establish sector-specific working groups to make sure experts and stakeholders inform all policies developed under the CLCPA. Planned working groups include a just transition working group, as well as working groups on transportation, agriculture, energy-intensive and trade-exposed industries, land use and energy efficiency.
Relevant state agencies will invest 35 percent of clean energy program resources to benefit disadvantaged communities and will aim to invest 40 percent. The just transition working group will work to ensure that individuals working in conventional energy industries are provided with training and opportunities in the growing clean energy economy.
New York’s Offshore Wind Projects
In connection with signing the CLCPA, New York has entered into agreements to build two offshore wind farms for a combined total of 1700 megawatts of clean energy. The Sunrise Wind project will be located in an offshore area 30 miles East of Long Island. It will be developed by Orsted and Eversource, providing 880 megawatts feeding Long Island. The Empire Wind project will be located 14 miles Southeast of Manhattan and will be developed by Equinor, a Norwegian company. It will develop 816 megawatts and feed New York City.
New York also plans to invest $287 million to construct manufacturing, service and port facilities in several areas of New York, including in Port Jefferson, Brooklyn, Staten Island and the Capital region. The port upgrades will begin in 2020. Construction of the onshore facilities will begin in 2022. Offshore construction will begin in late 2022 and the projects will be completed by 2024.
Going forward, the green economies of both New York and New Jersey are poised for growth. Scarinci Hollenbeck’s Renewable Energy and Green Initiatives Practice Group can provide businesses with the broad range of legal services needed to succeed in this ever-evolving industry.
If you have questions, please contact us
If you have any questions or if you would like to discuss the matter further, please contact me, Dan McKillop, or the Scarinci Hollenbeck attorney with whom you work, at 201-806-3364.
Section 363 Sales in Bankruptcy: What Businesses, Lenders, and Buyers Need to Know
When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism — a sale under Section 363 of the United States Bankruptcy Code. A Section 363 sale allows a company, as a debtor-in-possession in bankruptcy, to sell […]
Zoning Laws Explained: What You Need to Know Before Buying Property
Before buying property, it is critical to determine whether local zoning laws may affect your plans. If you plan to redevelop the property, you will want to confirm that local zoning regulations permit development as intended. If acquiring property that is already developed, you must verify that the use is permitted in the underlying zoning […]
Special Needs Trusts in New Jersey: Planning for Your Loved One’s Future
For parents of a child with a disability, estate planning raises concerns that go well beyond deciding who will inherit their assets. Parents may spend years making sure their child has the right care, services, and support. Eventually, they must also confront a difficult question: Who will take over when they can no longer do […]
What Every Real Estate Investor Should Know Before Buying a Rental Property
Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
