Today, the Environmental Protection Agency (EPA) announced that it has obligated $5 billion to the Coalition for Green Capital to capitalize the first US national green bank under the National Clean Investment Fund. With its $5 billion award, CGC will both invest directly in qualified projects and support the creation of a self-sustaining nationwide network of state and local green banks, community lenders, and community partners to drive the deployment of qualified projects in or directly benefiting every low-income and disadvantaged community (LIDAC) across the United States. In addition, $125 million was obligated to CGC under Solar for All to establish green banks and accelerate the development of solar in North and South Dakota.
CGC Chief Executive Officer Reed Hundt said, “The $5 billion grant from EPA will allow us to build the national green bank and a network with self-sustaining community lenders in every state. Directly and indirectly, we will construct the clean power platform that guarantees a healthier and better future for all Americans. I want to thank all the philanthropies, our many employees, volunteers, supporters, our terrific board, and, in particular, our congressional leaders—Senators Ed Markey and Chris Van Hollen, and Congresswoman Debbie Dingell—for their 15 years of unstoppable advocacy that has led us to this achievement.”