Mayor Bill de Blasio announced New York City's Green New Deal at Hunter's Point South Park on Monday. Credit:. Michael Appleton/Mayoral Photography

NEW YORK CITY—In his “Green New Deal” plan announced this week, New York City Mayor Bill de Blasio is calling for $14 billion in new and committed investments, as well as legislation to attack the effects of global warming.

In his new green plan, the mayor proposes stringent energy initiatives and calls for continued cuts in greenhouse emissions. The Green New Deal plan is intended to ensure a nearly 30% additional reduction in emissions by 2030. In combination with actions taken prior to de Blasio taking office, New York City is on track to achieve a 40% reduction in emissions from a 2005 baseline by 2030, city officials note.

“Every day we wait is a day our planet gets closer to the point of no-return. New York City's Green New Deal meets that reality head on,” said Mayor Bill de Blasio. “We are confronting the same interests that created the climate crisis and deepened inequality. There's no time to waste. We're taking action now, before it's too late.”