New York-regulated banks will get credit under the state’s Community Reinvestment Act for financing solar panels and other projects to combat climate change, the state’s financial regulator said.
State-regulated banks will be able to boost their CRA scores by addressing climate change in low- to moderate-income communities, the New York Department of Financial Services announced Tuesday.
The agency issued guidance to banks that includes a list of “climate resiliency activities” that qualify for credit under the CRA. Eligible projects include solar panels, water conservation equipment, and energy-efficient air conditioning units in multifamily residential buildings, among other things.
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