New York Ahead Of Schedule In Its Green Bank Initiative

ALBANY, N.Y. (AP) — New York state's Green Bank initiative is thriving.

Gov. Andrew Cuomo says during fiscal year 2016-2017, NY Green Bank generated $2.7 million in net income as a result of $291.6 million in investments in clean energy transactions across the state.

That's one year ahead of schedule.

Since its launch in 2014, the state-sponsored financial entity, which works with the private sector to increase investments in New York's clean energy markets, has helped nine New York-based companies expand operations in the state. Seven other companies also have increased their footprint in the state.

The program is expected to cut greenhouse gas emissions by up to 6.4 million metric tons. Officials say that's the same as taking between 50,000 and 70,000 cars off the road for 20 years.