Decarbonization Capital Investment Strategy RFEI Seeks Market Feedback on Green Financing Gaps, Potential Investment Tools, and Equitable Financing Strategies to Ensure a Just Transition
New York City Economic Development Corporation (NYCEDC) in partnership with the Mayor’s Office of Climate and Environmental Justice (MOCEJ) and the New York City Department of Buildings (DOB) today released a Request for Expressions of Interest (RFEI) to solicit insights from public, private, and philanthropic stakeholders interested in partnering with NYCEDC to promote the development of a thriving and equitable green economy in New York City. NYCEDC is exploring investment and partnership strategies that both address market gaps across the green economy and promote the City’s climate and social equity goals. This RFEI is designed to uncover opportunities for adequate access to capital for these industries, provide additional support to advance sustainability outcomes, and ensure capital advances social equity and environmental justice.
“With ever growing interest among capital providers in supporting green economy technologies and projects, our Administration has an opportunity and responsibility to ensure that funding furthers not only our sustainability goals, but also our social equity and environmental justice goals,” said Deputy Mayor for Economic and Workforce Development Maria Torres-Springer. “I applaud this interagency effort to understand where smaller MWBE businesses, in particular, might be experiencing financing gaps and how partnerships can be developed with mission-driven funders to create innovative solutions for them.”
“This RFEI will allow us find innovative and creative approaches to financing New York City’s ambitious climate goals, all while paving a clear path toward an equitable green economy,” said NYCEDC President & CEO Andrew Kimball. “We look forward to reviewing the submissions and working with our partners in City government to identify and find solutions to the financing gaps that exist.”
“As the work to implement our carbon reduction projects accelerates over the months and years ahead, it is incumbent upon us to ensure that these terrific economic opportunities are available to all, especially those who have been marginalized in the past,” said New York City Chief Climate Officer Rohit T. Aggarwala. “Thank you to our partners at EDC and DOB who will be at the center of much of our critical work to reduce our contributions to climate change.”
“Meaningful, diverse, and equitable stakeholder engagement is vital as we improve environmental quality of life for New York City communities and accelerate the shift to a decarbonized economy,” said Kizzy Charles-Guzman, Executive Director of the Mayor’s Office of Climate and Environmental Justice. “The data from this initiative and our partnership with NYCEDC will help prioritize investments, policies, and programs that advance our commitment to equitable economic development in green sectors.”
“New York City’s green economy should be accessible to all New Yorkers,” said New York City DOB Commissioner Eric A. Ulrich . “By reaching out to industry, we can uncover the potential partnerships needed to finance building retrofits, while also opening up economic opportunities to underrepresented communities. Innovative ideas like this are exactly what we need to help this City reach its sustainability goals.”
“It is crucial that New York City meets its climate and social equity goals with urgency. Communities like those in Council District 18 have been subjected to decades of environmental racism due to increased exposure to carbon emissions, which have caused high rates of asthma and other lung diseases. We have to unwrite these wrongs by making sure our green economy centers social and racial equity,” said New York City Councilmember Amanda Farías. “NYCEDC has done just that with their continued leadership in climate initiatives. Today’s announcement of a Decarbonization RFEI will help to ensure that our City is making investments locally and equitably for our new green economy. Thank you to President Andrew Kimball for your initiative this climate week.”
The RFEI specifically aims to:
- Source market feedback on existing or anticipated financing gaps in New York City’s green economy.
- Gather information about decarbonization financing strategies that offer pathways to centering social equity outcomes.
- Gauge interest related to structuring an investment fund that provides capital to decarbonization-focused projects and businesses.
- Surface non-financial levers to create more diverse business, worker, and community participation in the building decarbonization/retrofit industry.
New York City and New York State are jointly and independently committed to meaningful climate action and have implemented a range of market-leading decarbonization policies, creating generational economic opportunities for public, private, and non-profit stakeholders.
The RFEI will help New York City meet the coming wave of Local Law 97 retrofits as a result of the 2019 Climate Mobilization Act (CMA) focused on reducing buildings’ carbon emissions. The CMA lays the foundation for significant investment opportunities and capital improvements in New York City that will support approximately 26,000 green jobs by 2030.
Historically, Minority, Women-Owned and Disadvantaged Business Enterprises (M/W/DBEs), BIPOC businesses, and early-stage startups have had difficulty accessing the financing to participate in the city’s transition to a green economy. This RFEI will help identify opportunities for traditionally underrepresented groups to successfully participate in New York City’s green transition.
Potential respondents may include business whose mission, mandate or interests arrive at the intersection of financial capital, climate change, and social equity and justice. NYCEDC highly encourages interested parties to respond to the RFEI in order to assist in ascertaining market interest and input and to better inform our broader green economy decarbonization industry and strategies, particularly with respect to M/W/DBEs, Environmental Justice communities, and workers.
Responses to the RFEI are due Friday, December 2nd by 11:59pm. Visit the RFEI webpage at edc.nyc/decarbonization-capital-investment-strategy-rfei for more information.
New York City Economic Development Corporation is a mission-driven, nonprofit organization that creates shared prosperity across New York City by strengthening neighborhoods and creating good jobs. We work with and for communities to bring emerging industries to New York City; develop spaces and facilities for businesses; empower New Yorkers through training and skill-building; and invest in sustainable and innovative projects that make the city a great place to live and work. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.