Washington, D.C. — The Coalition for Green Capital (CGC) released the following statement:
“Congratulations to the bipartisan group of senators for reaching such an admirable bipartisan infrastructure framework agreement, and specifically for recognizing the critical importance of ‘providing low-cost capital’ to ‘green banks.’
“The Clean Energy and Sustainability Accelerator, a 501c3 non-profit, and the American Green Bank Consortium are ready, willing, and able to put that capital to work in all 50 states and the District of Columbia as soon as the funds become available. The members of the American Green Bank Consortium have identified $21 billion in project backlog that can be addressed in the near term with this funding. The Accelerator is prepared to set up green banks in all 50 states within days of being funded.”
The following is the relevant language from the memo from National Climate Advisor Gina McCarthy and Senior Advisor Anita Dunn:
“Creating a first-of-its-kind Infrastructure Financing Authority that will leverage billions into clean transportation and clean energy, water, distributed energy resources, and retrofits of residential, commercial, and municipal buildings. The Infrastructure Financing Authority will provide low-cost capital to state, local, and private entities, including green banks and community financial institutions – seeking to address the most significant needs of our time through a broad toolkit of financial assistance.”
The Coalition for Green Capital has been the advocate of green bank creation since its founding in 2010. Currently there are 22 green banks in 16 states and the District and 21 more green banks in the pipeline. Most recently green banks were created and funded in Maine and Colorado. Legislation to fund them at necessary scale is pending in the House (H.R. 806, a bipartisan Clean Energy & Sustainability Accelerator introduced by Rep. Debbie Dingell (D-MI), Rep. Don Young (R-AK) and Rep. Brian Fitzpatrick (R-PA) and (S. 283, creating a National Climate Bank, introduced by Massachusetts Senator Ed Markey and Maryland Senator Chris Van Hollen).
About the Coalition for Green Capital
The Coalition for Green Capital (@CGreenCapital) is a non-profit with a mission to halt climate change by accelerating investment in clean energy technologies and by advocating for, creating and implementing green bank institutions. Green banks are a proven finance model that uses public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency and other decarbonization technologies. For over a decade, the Coalition for Green Capital has led the Green Bank movement, working at the federal, state and local level in the U.S. and in countries around the world.