CGC’s International Activity
Green Bank Network
CGC is standing up the Green Bank Network in partnership with NRDC and our six founding Green Bank members. The launch of the GBN at COP21 in Paris was particularity timely, as nations around the world increasingly acknowledge the current clean energy investment gap, and are seeking ways to further “mainstream” investment in low carbon infrastructure. Green Bank are being recognized as a key tool to scale up climate investment. The GBN will serve as an important platform to share best practices, connect leading practitioners and drive further low-carbon investment via the Green Bank model.
Since the GBN launch in December 2015, CGC and NRDC have worked intensely on building the organization in coordination with founding members. In May 2016, at a White House-sponsored side event of the Clean Energy Ministerial (CEM) in San Francisco, the GBN announced the signing of a Memorandum of Understanding among founding member agreeing to principles and mission of the GBN.
India Green Bank Development
As a small piece of the GBN project, CGC & NRDC have directly engaged with senior leaders of the Indian national government to explore national Green Bank creation. Working closely with NRDC’s finance team in India, Jeff Schub travelled to India in May to meet with the Minister of Power, the Secretary of New and Renewable Energy and the President of the Indian Renewable Energy Development Agency (IREDA) for direct discussion on Green Bank creation. CGC also helped run and organize a forum with other senior level government officials while in India to discuss potential Green Bank and green bond opportunities in India. The day after that forum, the President of IREDA publicly announced his intention to convert his institution into a Green Bank and expand its financing activity to generate more private sector leverage and support for distributed generation. CGC will continue this engagement with NRDC, specifically by drafting a cabinet note for the IREDA President to present to top ministers explaining the Green Bank rationale and opportunity.