New York launches $10m carbontech development initiative The economic opportunity of expanding the carbontech market to industries not yet served by it, including building materials and consumer products, is estimated to be worth $1tn in the US and $6tn globally Image: Shutterstock New York Governor Andrew M. Cuomo has announced a $10 million (£7.3m) initiative to establish the state as a “world class hub” of carbon-to-value research, technology transfer and commercialisation. The Carbontech Development Initiative is seeking proposals from organisations to design and operate the new entity, which will build out programming, secure sources of private and public funding and award grants to advance technologies that capture existing carbon or lower carbon emissions and transform it into useful products.