Future of the industry is thought uncertain
Sun December 15, 2013
Experts question clean energy's contributions to Buffalo
A major financial firm is questioning the benefits of a clean energy initiative in Buffalo.
Governor Cuomo announced last month a $1.7 billion investment to establish a clean energy research campus in the city. Two California companies plan to locate facilities here. Estimated job creation figures are for more than 1000 high-tech and construction jobs combined. The bulk of the future financial benefit for Buffalo is expected to come from residential and commercial development stemming from the campus activity.
Financial experts are expressing cautious optimism about the plan. According to Moody's, "Despite the immediate economic benefit, the long-term impact to the region may be limited. The clean technology industry is relatively volatile given the uncertainty of future regulation and the pace of technological development and its ability to jumpstart a struggling post-industrial economy is untested. This project's ability to spur future development is dependent, in part, on the continued growth of the clean technology industry."
The state is prepared to contribute $225 million to what is being called the Buffalo High-Tech Manufacturing Innovation Hub at Riverbend.