NYSIF Climate Action Premium Credit Program Expansion

New York, NY, May 08, 2025 (GLOBE NEWSWIRE) — The New York State Insurance Fund (NYSIF), the state’s not-for-profit workers’ compensation insurer, today announced the expansion of its ground-breaking Climate Action Premium Credit Program. The program helps policyholders manage the workplace risks associated with climate change by providing financial incentives and technical support for climate action planning and implementation. Available initially to NYSIF’s hospital policyholders, the program is now open to additional providers of health care services as well as entities engaged in the medical supply chain.

The Climate Action Premium Credit Program provides participants an upfront credit of 5% on their workers’ compensation premium, up to $1 million per policy, when they pledge to reduce their greenhouse gas emissions, enhance their resilience to climate-related disruptions, and develop a climate action plan describing how they will meet these goals. This frees up funds participating policyholders can use to develop their climate action plans over the next ten months.

“NYSIF’s Climate Action Program provides a strong incentive for organizations to commit to reducing their greenhouse gas emissions and expand their ability to withstand and recover from climate-related disasters,” said Gaurav Vasisht, NYSIF’s Executive Director and CEO. “Our hospitals are taking action to help protect their workers, patients, and communities from the health impacts of climate change, and the success of the program now leads us to expand it to other entities in the health care space.”

With today’s announcement, NYSIF is expanding eligibility for the program to other policyholders in the health sector, including additional categories of providers as well as manufacturers and distributors of products used in the health care setting:

• Nursing homes
• Ambulatory surgery centers
• Dialysis centers
• Community health centers and rural health clinics
• Office-based surgery practices
• Health care supply chain manufacturers and distributors

NYSIF launched the program in May 2024 as a pilot for hospitals, the most significant contributors of emissions within the health sector. Eight hospital systems, encompassing 28 facilities, have taken the pledge. Submitting their plans enables them to receive another premium credit in the second year, and the credit will continue in future years as they show progress carrying out the strategies identified in their plans.

Focusing the program on the health sector recognizes that the health care system significantly contributes to the greenhouse gases that cause climate change, while also dealing directly with the resulting health impacts and system disruptions. In fact, the U.S. health care industry generates 8.5 percent of all national emissions. These emissions include those generated directly by health care entities, such as the combustion of fuel for heating and cooling, but most is generated in the supply chain, including the production and transportation of pharmaceuticals and medical devices and supplies.

All NYSIF policyholders have access to NYSIF’s risk control services, which includes training materials and consulting services to help policyholders understand how to reduce workplace hazards. These offerings have been expanded to encompass additional strategies for confronting climate-related challenges, providing additional support to businesses that take the climate action pledge. Program participants can also participate in NYSIF’s learning forum, which gives them the opportunity to share strategies, learn from each other’s experiences, and request assistance on specific topics.

Department of Environmental Conservation Acting Commissioner Amanda Lefton said, “The health and well-being of New Yorkers are directly connected to the actions we all can take to reduce the detrimental impacts of extreme heat, flooding, air and water pollution, among many other climate impacts. I applaud the New York State Insurance Fund for building upon the progress underway by hospital policyholders participating in the Climate Action Premium Credit Program and including more health care leaders committed to reducing greenhouse gases, enhancing resiliency, and creating healthier communities.”

“Results of climate change such as extreme heat, vector-borne diseases, natural disasters, and air and water quality can impact public health and safety,” State Health Commissioner Dr. James McDonald said. “I thank the New York State Insurance Fund for expanding such an important program and ensuring that workers and communities remain protected from the effects of climate change.”

Doreen M. Harris, President and CEO, NYSERDA said, “New York State continues to demonstrate how innovative public policy can help address the growing impact of rising temperatures and extreme weather as part of building a sustainable future. The expansion of the NYSIF’s Climate Action Premium Credit Program further incentivizes the health care industry to reduce emissions and minimize their environmental impact, underscoring the relationship between public health and the environment while working to improve the quality of life for patients, employees, and their local communities.” 

Mario Cilento, President of the New York State AFL-CIO said, “Extreme weather conditions caused by climate change are a significant risk to worker health and safety. In the face of these challenges, NYSIF’s innovative pilot program for hospitals incentivizes employers to improve workplace safety by reducing emissions. I applaud the program and anticipate that expanding eligibility will better protect workers.”

Gary Cohen, President, Health Care Without Harm said, “NYSIF is a pioneer in the insurance sector in understanding the health risks related to climate disruption through analysis of workers’ compensation claims. Equally groundbreaking is their innovative program to incentivize hospitals and other entities in the health sector to develop decarbonization and resilience plans. Every health insurer in the country should follow their powerful example.”

“Maimonides is pleased to participate in this important program to help us reduce our greenhouse gas emissions, protect against the impact of severe weather and develop other plans to mitigate the effects of climate change in Brooklyn,” Maimonides Health President and CEO Ken Gibbs said. “I want to thank Governor Hochul and NYSIF for their commitment to making our air cleaner and helping us take significant steps to protect our hospital and the patients we serve.”

“Mount Sinai Health System is proud to join the New York State Insurance Fund’s Climate Action Pledge, reinforcing our deep commitment to environmental stewardship and public health. By targeting a 50% reduction in emissions by 2030 and achieving net zero by 2050, we are taking decisive steps to safeguard the health of our communities and our planet,” said Brendan G. Carr, MD, MA, MS, Chief Executive Officer and Kenneth L. Davis, MD, Distinguished Chair of the Mount Sinai Health System. “Our Climate Action Plan provides a clear and accountable pathway to reduce greenhouse gas emissions, enhance resilience, and lead through education and collaboration. With a rigorously verified emissions inventory, we are ensuring that our progress is transparent, data-driven, and aligned with the urgency of the climate issue.”

About NYSIF
NYSIF is the largest workers’ compensation insurer in New York State and among the ten largest nationwide. NYSIF covers 2 million workers and insures 200,000 employers in New York State. NYSIF’s mission is to guarantee the availability of workers’ compensation, disability insurance and paid family leave at the lowest possible cost to New York employers while maintaining a solvent fund. Since its inception 110 years ago, NYSIF has fulfilled this mission by competing with other insurance carriers to ensure a fair marketplace while serving as a guaranteed source of coverage for employers that cannot secure coverage elsewhere. NYSIF strives to achieve the best health outcomes for injured workers and be an industry leader in price, quality, and service for New York employers. For more information, visit nysif.com.

Attachment

• Climate Action Premium Credit Program Flyer

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