New York Governor Andrew Cuomo on Thursday announced the approval of a 10-year, $5 billion Clean Energy Fund to invest in reducing emissions and promoting the use of renewable energy in the state.

The state's Public Service Commission approved the fund after Cuomo officially requested renewable power mandates for the state the previous week, according to a statement from the Governor's office. The $5 billion from the state will draw more than $29 billion in additional funding from private investors, said Cuomo in the statement.

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The fund, managed by the New York State Energy Research and Development Authority, will be used to encourage projects targeting greenhouse gas reductions and providing cost-efficient renewable energy and is projected to generate $39 billion in consumer savings over the next decade.

The initiative comes as a part of Cuomo's plan to meet half the state's electricity needs from renewable sources by 2030.