Governors Island is set to get a sprawling $700 million “living laboratory” to help fight climate change, city officials announced Monday.

The 172-acre site on the island off Lower Manhattan will be home to what Mayor Eric Adams and other officials dubbed the “New York Climate Exchange,” describing it a first-in-the-nation research, education and jobs hub to develop solutions to the climate crisis.

“All New Yorkers will benefit from this major investment that we are making,” Adams said at a press conference. “Whether it is the third-grader from the Bronx who comes here and learns about solutions that they can share with their family members back in their community, or it is the union metal worker who comes to the exchange … to learn advanced construction techniques for offshore wind. 

“This is where we will protect our cities air and water. And this is where we will train thousands of students for the next wave of green jobs.”

The project will create 7,000 permanent jobs and have an “economic impact” on the city worth $1 billion, Adams’ office said in a press release.

A consortium of universities including Stony Brook and private firms will lead the project. Construction on the planned “green” 400,000-square-foot campus is slated to begin in 2025, with the facility opening in 2028.

The staggering $700 million price tag will be covered by: $150 million in already allocated city capital funding; $100 million from the Simons Foundation and $50 million from Bloomberg Philanthropies courtesy of former city Mayor Mike Bloomberg, with the rest being raised, Adams’ office said.

When the facility is up and running, it will serve 600 postsecondary students, 4,500 K-12 students, 6,000 workforce trainees and 250 faculty and researchers each year, the release said.