$5 Million Offshore Wind Ecosystem Fund Announced

by | Nov 16, 2022

(Credit: Pixabay)

Equinor and bp, in partnership with the New York City Economic Development Corporation (NYCEDC) and the Sunset Park Task Force (SPTF), recently announced the creation of the Offshore Wind Ecosystem Fund, a $5 million clean energy community grant program designed to support sustainable growth, workforce development, empowerment of underserved communities, and climate justice in New York City’s emerging offshore wind ecosystem.

The fund will provide grants that help spur job education and training, provide historically marginalized communities access to workforce and small business opportunities, and assist minority and women-owned business enterprises in New York City to foster innovation that contributes to the growth of the offshore wind ecosystem.

The Ecosystem Fund is governed by a Strategy Development Committee responsible for creating investment strategies that align with the Fund’s objectives, and a Selection Committee that will help evaluate and select funding proposals. Both include representatives of the Sunset Park Task Force, which advocates to maximize the economic potential and community links between Sunset Park residents and the waterfront, NYCEDC and Equinor.

Equinor is leading the Ecosystem Fund initiative on behalf of its 50-50 strategic partnership with bp in the US. Together, the companies are developing the Empire Wind and Beacon Wind projects, which will provide enough renewable energy to power more than two million New York homes and businesses. Empire Wind, located off the southern coast of Long Island, will provide over two gigawatts of offshore wind energy, and Beacon Wind will provide an additional 1.2 gigawatts of power.

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