"Going green" means lots of things to lots of people but for New York State, it can be a path to reducing carbon emissions while significantly reducing our energy costs.

The recent budget process was the latest reminder that we need to identify savings across the state. And the credit crunch on Wall Street continues to hit virtually every sector of our economy making revenue forecasting a bit of a guessing game. At the same time, New York has the second highest energy costs and the third highest average electricity rate in the nation.

"Going green" won't solve all of our budgeting woes, but we can save taxpayers a tidy sum by reducing consumption of non-renewable resources, lowering pollution emissions and preserving our environment.

Efficiency is the best way to decrease energy demand. To illustrate this point, my office recently audited six municipalities that installed solar panel systems on their buildings.

The result?

Municipalities cut their energy bills, and avoided carbon dioxide emissions equivalent to those of 588 vehicles.

Rising oil prices and improving technology are making clean energy more affordable. According to a recent report by Morgan Stanley, clean energy sources are expected to become the lower cost option in five to seven years.

But what can we do now?

We need to invest in the infrastructure, education and worker training that's needed to help New York's renewable energy and clean technologies industry grow and thrive. If we do this, we will collect dividends for decades to come as demand for clean technology continues to increase.

New York is already home to several clean technology industry leaders. Maple Ridge Wind Farm in Lewis County is the second largest wind farm in the U.S. with 195 turbines that produce 320 megawatts of electricity, but we need to take steps to become a national leader.

During an environmental webcast I hosted on April 7, I outlined my Green Initiative for the State. This includes auditing all state agencies, local governments and school districts to ensure they are complying with existing environmental laws; making smart investments in renewable energy and clean technologies through the State's pension fund and reviewing my office's own policies and practices to become a model environmental agency for the state. We will also be releasing periodic economic reports on how New York State can take advantage of the growing demand for a cleaner, more environmentally sound economy.

I encourage everyone to visit my office's Green Initiative Web site at www.osc.state.ny.us/green to monitor the progress of this program and learn about new ways to reduce pollution and lower energy costs.

The clean technologies industry is a growth industry: revenues generated by companies in the solar, wind, biofuels, and fuel cells market increased 40 percent from 2006 to 2007. Use of clean technology and renewable energy also has immediate environmental benefits.

With its top-tier universities, well-educated workforce and rich natural resources New York is in a unique position to benefit from the growing demand for a cleaner, more environmentally sound economy.

"Going green" is more than just good for the environment; it is good for New York's economy and good for New York's future.

Thomas P. DiNapoli
New York State Comptroller