New York City mayor Eric Adams and Stony Brook University have announced that the university will anchor the New York Climate Exchange, a $700 million climate solutions campus on Governors Island in New York Harbor, with $150 million in funding from the Simons Foundation, Simons Foundation International, and Bloomberg Philanthropies. 

The 400,000-square-foot hub will host organizations focused on researching climate solutions as well as developing green job training and skills-building programs. Partner organizations include IBM, Georgia Institute of Technology, Pace University, Pratt Institute, and Boston Consulting Group. With $100 million from the Simons foundations, $50 million from Bloomberg Philanthropies, and $150 million previously allocated city capital funding, the consortium will have to raise an additional $400 million. No additional costs to New Yorkers are expected.

Construction is slated to start in 2025 with an expected opening date in 2028. The design and operations of the Exchange will also serve as a model for sustainability with a net-zero center that complements the natural landscape of Governors Island and the urban landscape of New York City. 

“We are honored, excited, and proud to lead this historic center that will cement New York City as the world leader on climate change, the most pressing issue of our time,” said Stony Brook University president Maurie McInnis. “Up until now, the development of climate solutions has been siloed, with world leaders separate from expert scientists separate from the on-the-ground green workforce. As an international leader on climate and as the leading public research institution in New York, Stony Brook University will bring stakeholders together from the academic, government and business communities to make The Exchange the center of research, innovation, education and collaboration to address this global crisis. With such eminent partners as the Simons Foundation and Bloomberg Philanthropies by our side, we have a remarkable foundation from which to grow.” 

(Photo credit: Getty Images/Eloi Omella)